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to build a greater tomorrow

By unlocking the potential and creating opportunities for growth for our clients, we contribute to the economy of the UAE.

Tax Consultancy services

We are the champions

Mission

Our mission is to empower businesses with comprehensive audit, tax, and advisory solutions that ensure compliance, foster growth, and drive long-term success. We are committed to delivering accurate, reliable, and customized services that align with our clients’ unique needs.

Vision

Our vision is to be the trusted partner of choice for businesses in the UAE and beyond, known for our expertise, integrity, and innovative approach. We strive to set industry standards in financial services and contribute to the economic development of the region.

What we do

AMA Audit Tax Advisory is a trusted financial services firm in the UAE, offering expert solutions in audit, tax, and advisory services. With a commitment to excellence and integrity, we help businesses navigate complex financial regulations, ensuring compliance, transparency, and growth.

Our team of experienced professionals specializes in Financial Audits, Corporate Tax advisory, VAT Compliance, Accounting & Bookkeeping, Business Setup Consultancy, and Risk Management. We cater to businesses of all sizes, from startups to multinational corporations, providing customized solutions that align with industry standards and regulatory requirements.


Corporate Tax in abuDhabi

At AMA Audit, we are committed to helping businesses and individuals navigate the complexities of tax regulations with confidence and ease. Our team of seasoned tax advisors offers tailored solutions designed to optimize your tax position, ensure compliance, and support your financial growth

News & Blogs

Financial Statement Regulations

How to Stay Compliant with Audited Financial Statement Regulations in the UAE

UAE is a premier business destination for businesses from around the world. Due to its strategic location and favorable business model, it attracts a large number of companies, contributing directly to its economy. And with this growth comes stringent regulatory norms related to financial reporting and compliance. If you are a business owner, it becomes important to understand the procedures that go toward maintaining compliance with regulations for Audited Financial Statements in UAE. This blog will help you understand the financial reporting framework while discussing the key requirements and the impact of corporate tax on financial statements. Understanding UAE Financial Reporting Framework The UAE’s regulatory environment surrounding audited financial statements is extensive and ever-changing. Companies doing business in the Emirates have to deal with a sophisticated system encompassing federal legislation, local regulations, as well as global standards. The UAE’s adherence to transparency and best global practices has driven stringent regulations that require strict scrutiny from business owners. Federal Law No. 32 of 2021 concerning Commercial Companies serves as the foundation upon which corporate governance and financial reporting obligations are based. The law requires certain classes of companies to prepare and file audited financial statements on an annual basis.  The International Financial Reporting Standards (IFRS) are the foundation for preparing financial statements in the UAE. Companies are required to have their financial statements prepared based on these standards, which give a standardized, internationally accepted framework for transparent, consistent, and comparable financial reporting. Alignment with international standards makes cross-border business easier and raises investor confidence. Key Requirements for Audited Financial Statements UAE Ensuring that companies remain in conformity with audited financial statement requirements necessitates a structured process involving a number of key components. Companies need to start by ensuring they hire qualified auditors who are licensed and experienced enough to carry out audits according to UAE policies and international guidelines. The hiring of auditors shall be subject to stipulated procedures, while their selection is usually carried out by shareholders at the time of annual general meetings. Firms should ensure that their prospective auditors are registered under the respective regulatory agencies and have experience in the sector of their respective industry. Such due diligence ensures audit quality and compliance with the regulators. Timing requirements are critical in compliance management. Financial statements need to be prepared by four months from their financial year-end, and audited statements need to be filed with the respective authorities within six months. These timelines are strictly followed, and non-compliance could lead to heavy penalties and regulatory punishment. Documenting requirements goes beyond financial statements themselves. Firms are required to maintain extensive supporting records, such as detailed general ledgers, subsidiary records, and supporting documentation for every transaction. It must be easily available for audit procedures and regulatory examination. The Role of Tax Audit Consulting in Compliance Professional tax audit consulting services are now necessary for businesses that aim to remain in conformity while maximizing their tax positions. These advanced services offer consulting expertise that helps address the crossover between financial reporting needs and tax requirements so companies remain in regulatory compliance. Tax audit consulting experts help firms spot potential compliance risks prior to becoming regulatory problems. They perform detailed examinations of financial reporting procedures, internal controls, and tax positions to ensure they conform to up-to-date regulations. This enables firms to avoid expensive fines and keeps them in good standing with regulatory bodies. The complexity of UAE tax law, especially since several different regimes have been introduced, demands expertise that is not usually available within most companies. Tax audit consulting companies offer this expertise and enable firms to interpret regulatory needs and put in place proper compliance processes. Impact of UAE Corporate Tax on Financial Statement Compliance The introduction of UAE Corporate Tax has had a dramatic effect on financial statement preparation and audit needs. Businesses need to take into consideration the tax ramifications of their accounting treatments and have their financial statements represent their tax positions correctly. UAE Corporate Tax laws mandate organizations to keep detailed back-up records to substantiate their tax calculations and positions. Such records need to be reconcilable with audited accounts, adding more complexity to the audit and preparation process. Organizations need to ensure that the accounting systems are designed to capture all relevant information to substantiate both financial reporting and tax compliance needs. The relationship between tax legislation and accounting standards may give rise to timing differences, which need to be correctly identified and disclosed on financial reports. Business firms are required to coordinate very closely with their auditors to ensure these differences are correctly accounted for, and their tax provisions are correctly calculated and reported. Transfer pricing issues have become more significant under the UAE Corporate Tax regime. Corporations with related party transactions must ensure proper financial statement representation of arm’s length pricing principles, warranting additional documentation and audit procedures to ensure compliance. Best Practices for Maintaining Compliance Strong internal controls provide the basis for sound compliance management. Businesses must put in place complete policies and procedures controlling financial reporting processes. These help maintain consistency and accuracy in the preparation of financial statements. Internal review and monitoring procedures on a regular basis determine any issues likely to affect audit processes. Technology continues to play a crucial role in compliance management. Organizations need to invest in reliable accounting systems that offer full audit trails and support easy data analysis during audit processes. Interlinking of multiple systems assists in ensuring data consistency as well as minimizing the scope of errors in financial reporting. Staff training and development ensure that personnel responsible for financial reporting understand current requirements and best practices. Regular training programs should cover regulatory updates, accounting standards changes, and internal procedure modifications to maintain compliance effectiveness. Year-round communication with auditors, as opposed to at audit times only, allows potential issues to be recognized and fixed ahead of time. This constant stream of communication allows companies to keep abreast of regulatory changes and audit expectations, making the auditing process run smoother and minimizing compliance risks. The

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Corporate Tax In UAE

All You Need To Know About Corporate Tax In UAE 

The UAE has been a business hub for years, attracting various national and international entrepreneurs to establish businesses. The place boasts several unique businesses ranging across industries and sizes. Setting up a business in the UAE has long been a golden opportunity—from small startups to global giants, everyone wanted a piece of the action. And why not? The UAE offered 0% corporate tax, making it incredibly attractive for entrepreneurs and corporations alike. Adding to the appeal, the country has signed double tax treaties with many nations. These agreements prevent businesses from being taxed twice on the same income, once in the UAE and again in their home country. It is a win-win. In this blog, we are going to take a deep dive into what the corporate tax in UAE is, how it works, why it is being levied, and its impact on businesses The Application Of Corporate Tax In UAE From June 2023, the Ministry of Finance announced that corporate taxes will apply to businesses in the UAE. After years of 0% taxes on business, the news caused some panic in the business community. The government justified the decision as it is a step towards complying with the international tax standards. While the UAE still offers a business-friendly environment, the introduction of corporate tax means companies need to be more careful, informed, and compliant to continue enjoying the benefits. Further, it was clarified that the corporate tax in UAE will remain the lowest in the world, as one of the main sources of income will remain hydrocarbons, with the taxes just supplementing it. How Does Corporate Tax In UAE Work? Before going deeper into the corporate tax in UAE, it is important to understand how it works. Here are the key factors that will help you understand the UAE corporate tax framework better: Category Details Tax Authority Federal Tax Authority (FTA). Effective Date June 1, 2023. Standard Tax Rate 9% on taxable income above AED 375,000. Small Business Relief 0% on profits up to AED 375,000. Free Zones Eligible entities may enjoy 0% if they meet the “Qualifying Income” criteria. Multinational Tax Rate 15% for multinationals under OECD BEPS Pillar Two (global revenue > €750M). Exempt Entities Government entities, pension funds, certain investment funds, and extractive businesses. Taxable Entities UAE-incorporated companies are foreign entities with permanent establishments. Filing Requirement Annual return required; no advance tax payments. Registration Mandatory for all taxable persons, even if an exempt or zero-tax rate applies. Get Your Corporate Tax Registration UAE As corporate tax becomes a new reality for businesses in the UAE, Corporate Tax Registration UAE is not just a recommendation but a legal obligation. Whether you’re a small enterprise or a large multinational, the UAE government requires all taxable businesses to complete their corporate tax registration as soon as possible. And here’s how you can get started: Mandatory For All Businesses: Even if your business is exempt or qualifies for a 0% tax rate (such as small businesses or free zone entities), registration with the Federal Tax Authority (FTA) is required. Online Registration Process: Businesses must register through the EmaraTax portal using their trade license and Emirates ID. The process is streamlined for ease and efficiency. Document Requirements: Key documents include the owners’ trade license, passport, and Emirates ID, the Memorandum of Association, and business financials (if available). Avoid Penalties: Failing to register by the FTA’s deadlines can lead to penalties and fines, even for zero-tax entities. Stay Compliant: After registration, businesses must file annual returns, maintain financial records, and comply with applicable transfer pricing rules. Registering early ensures your business stays compliant and avoids unnecessary complications as the UAE’s tax framework evolves. How To Hire Corporate Tax Advisory Services? As businesses adjust to the new corporate tax regime in the UAE, navigating the complexities can be challenging without expert help. This is where Corporate Tax Advisory Services offers strategic advice, compliance support, and risk mitigation. Finding the best tax consultants can help you save time, avoid penalties, and ensure your business remains tax-efficient. Here’s how to hire the right professionals: Look For UAE-Specific Expertise: Choose advisory firms with strong experience in Corporate matters. They should be well-versed in local regulations and the Federal Tax Authority (FTA) guidelines. AMA Audit Tax Advisory is among the best tax consultancy firms in the UAE and can help you resolve your queries related to corporate tax. Check Their Track Record: The best tax consultants have proven results across various industries. Ask for case studies or references to evaluate their past performance. Ensure End-To-End Services: Ideal corporate tax advisory services should assist with registration, filing, tax planning, and representation before authorities if needed. Verify Credentials And Licensing: Ensure the advisors are certified and registered with the relevant UAE authorities to avoid compliance issues. Assess Customisation And Support: Choose firms offering tailored advice based on your company’s structure, size, and operations, along with ongoing support. Engaging the right tax advisors ensures your business meets obligations efficiently while optimising your overall tax strategy. Conclusion As the UAE embraces global tax standards with the introduction of corporate tax, businesses must proactively adapt to the new framework. While shifting from a 0% tax environment may seem daunting, the government has taken several measures to ensure a smooth transition, especially for small enterprises and startups. With competitive tax rates, exemptions for qualifying entities, and clear compliance procedures, the UAE continues to be a highly attractive destination for businesses worldwide. However, staying ahead in this new era requires awareness, timely registration, and professional guidance. Every step must be handled precisely, from understanding tax liabilities to filing accurate returns. This is why leveraging expert Corporate Tax Advisory Services and partnering with the best tax consultants is crucial. Their insights and support can help businesses minimise risks, reduce tax exposure, and comply with the Federal Tax Authority (FTA) regulations. In conclusion, corporate tax in UAE is not a hurdle but a structural evolution toward long-term economic sustainability. By aligning with the updated tax

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VAT registration Compulsory

Why is VAT registration Compulsory In The UAE?

The government imposes taxes on consumed goods and services, which are known as VAT. In the UAE, five per cent of the tax is levied at the point of sale. Businesses collect and account for tax from the consumer on behalf of the government and submit it within a specific time determined by law. If you are a business person dealing in goods and services, you must be familiar with VAT Registration Requirements in the UAE.  Also, understand that you collect or pay VAT based on the transactions you make on your behalf for business. However, if you are unfamiliar with the tax policies and remain unclear about VAT, contact a Business Consultant in UAE. They can ensure that you adhere to the tax policies prevailing in the UAE, especially regarding VAT and other relevant taxes imposed on goods and services.  What is VAT? VAT is an indirect value-added tax on a business’s purchase and sale of goods and services. In the UAE, five per cent of VAT is imposed on goods and services consumed by businesses or consumers, slightly raising the price. However, the money collected by the central government is used in the country’s development.  VAT is a recurring cost imposed by the government and charged at each stage of the supply chain. Ultimately, consumers usually bear the VAT cost. Businesses collect input credit or VAT Refund UAE for taxes paid on purchasing goods and services, and account for the transactions under VAT. They should act as tax collectors on behalf of the government. However, the government’s net receipts add value to the supply chain.  The Importance of VAT Registration in the UAE If you are a business entity dealing in goods and services, you must register your firm under UAE VAT laws and fulfil the legal and administrative formalities under VAT registration and deregistration policies. Understanding VAT Registration Requirements will ease the process of getting taxation benefits related to input credits and financial management. However, Business Consultants in UAE​ must guide you through documents and information for effective, on-time submission to obtain timely approval based on your business structure and requirements.  Documents Required For VAT Registration In the UAE If you are running a business in the UAE, you must submit the following documents to the Federal Tax Authority (FTA) for VAT Registration in UAE to avoid any legal penalties. You can use an online portal, making the process handy and timely.  The VAT Refund UAE Process Log in to the FAT portal to obtain input credit for the specified VAT in the UAE. Access your VAT account and navigate the tax refund section to initiate the refund process. Complete the refund form and provide details such as your bank information and tax invoices. Once you finish the refund process, the authority will verify and approve the VAT Refund UAE within 20 business days and credit your bank account.  VAT Limitations And Compulsions  In the UAE, VAT registration is mandatory for businesses earning over AED 375,000 annually. Businesses crossing the limit must take tax benefits and manage their finances. However, timely compliance ensures smooth operations, avoids penalties, protects the company from legal issues, and maintains clear transaction compliance and transparency.  Businesses Registered For VAT Typically Understand their duty towards government-based law enforcement, including the following:  All VAT-registered businesses must collect and report the amount they have charged for VAT to the government. The reporting is easy to do online. However, if they have been charged more than they have paid, they must pay the difference to the government or vice versa.  VAT- Exempt Sectors The categories of supplies exempt from VAT include:  – Certain financial services (as detailed in VAT legislation)   – Residential properties   – Unimproved land   – Local passenger transport Zero-Rated Sectors VAT will be charged at 0% on the following main categories of supplies. Your business Consultants in UAE​ must provide details on products and services not covered by VAT so you can manage your VAT report accordingly. Here are the articles that have zero VAT: Conclusion  VAT is an indirect tax collected by businesses on behalf of the government. The UAE imposes a 5% VAT on selected goods specified by the government. As a businessperson engaged in trading goods and services, you should first consult business consultants in the UAE regarding taxation. Verify whether you are subject to VAT and its associated regulations, or if you are involved in the supply of goods and services listed under VAT. If that is the case, please ensure you obtain VAT Registration UAE.  A competent consultancy firm will provide you with guidelines on registration and VAT Refunds UAE. Documenting each invoice and reporting to the VAT portal to secure input credit is vital to ensure you receive your entitlement of VAT paid. The initial strategy of obtaining registration and reporting on time will give you a smooth operation without imposing penalties. 

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