The public services which are provided as an aid from the government is paid by the citizens of a nation on certain conditions – rules and regulations which are mandatory for each and every citizen to follow. These taxes are to be paid individually as well as by the well established firms on the basis of taxation policy of a nation.
Tax consultancy in Dubai is a team of individuals who guide an amateur through the processes and legal terms of tax, why it’s necessary and teaching them the importance of taxation.
If you are wondering if there is a place in this world which is tax free then wonder no more as Dubai is a tax exempted nation. Though this idea seems to be far fetched, it is still true to some extent.
Accounting outsourcing companies in Dubai have prepared a list of all the taxes that are applicable in the nation and what is the reason of others being free from that.
The highest rate of tax which is applicable in Dubai is 55% on companies based on oil and gas industries running the major economy of UAE. Not only that but several branches of foriegn banks running throughout Dubai and rest of UAE are obliged to pay 20% of tax.
Just like every other nation, Dubai also has a legal system of indirect taxes which are supposed to be paid as municipal taxes, 10% each on hotel and entertainment providing facilities, rents of commercial spaces such as the services of rental work spaces as well as the residential properties.
To encourage the participants of business in expanding their firms as a hub of business capital, United Arab Emirates has signed more than 70 tax treaties which minimals the cost of tax specifically in the import and export, providing relief to the business dealers from paying double taxes on both sides of the countries. This treaty has not only relieved the businesses already running in UAE but also helped in expanding the economy of Dubai, helping it stay tax free as long as possible.
Though the tax is very minimal, still a tax consultant is necessary to make sure that all your duties are being fulfilled. Also, the complex and confusing task of filing taxes can become a lot more easier with the help and assistance.