Tax agents in the UAE

Money controls the entire planet. In the meantime, the global economy is expanding quickly nowadays. In addition, corporations and individuals from all over the world began establishing businesses in Dubai, the global financial hub. Accounting is a term that frequently refers to computations, numbers, and financial communications. In addition, accounting holds and anchoring at the base, whether it be a start-up or well-established firms or entities.

The classification for accounting did in fact become more established the more the word began to influence. Tax accounting is one such classification, though. Have you ever heard of tax accounting? Simply said, tax accounting is the accounting that occurs within taxation systems that establish the rules and the data. The business then follows through and returns the tax paperwork. Additionally, it is known as cash-based accounting.

Why do we need Tax Accounting in the UAE?

Types of tax accounting:

Tax Accounting has been classified into eight types of accounting. They are as follows:

• Financial Accounting
• Managerial Accounting
• Cost Accounting
• Auditing
• Tax Accounting
• Accounting Information Systems
• Fiduciary Accounting
• Forensic Accounting

Significance of Tax Accounting:

• International taxation is possible
• Transfer pricing
• It takes complete control over the budgets
• Profit and loss can be pictured
• Decision making becomes quick and faster

Want to become a tax agent in the UAE?

There are certain requirements to possess a tax agent post. They are:

1. You should have experience in the tax services at least for 3 years
2. Good linguism in Arabic and English
3. Bachelor or master degree in tax, law or accounting. The certificates must be from an accredited institution.
4. You must pass the FTA test
5. Physical fitness is must
6. Professional indemnity insurance should be available for you
7. You must have a good conduct certificate. 
8. No stains of crime or any violation in the law

How to register for a tax agent post?

1.  Firstly, apply for a tax agent post by filling out the FTA application
2. The FTA needs a little additional information. Until the process is continued, ‘pending’ will be the application status
3.   If the application is approved, you’ll receive a TAN- Tax Agency Number
4.   With the TAN, you can proceed in the portal

Benefits of hiring tax agents:

Even though tax agents are not mandatory, having one has more advantages such as follows:

•  You can save both time and money
• Taxes are calculated and tax returns are filed
• Help in registering taxes
• Representation before the FTA will be made

• Maximum of VAT is recovered by all the professional negotiations made
• Low chances of risk
• Every information and particulars are a record of the tax services

Duties of a tax agent:

There are many duties and responsibilities a tax agent does. Moreover, tax agents carry incredible work in tax services. As a result, few of the tax agent’s duties are as follows:

• They ensure proper routine with paying taxes
• They keep the company’s information private
• Any causes for the fall in the integrity of the country’s financial and tax system will be avoided
• Tax compliance will be consummated
• All legal activities will be taken care of
• Records are directed
• VAT return filing is done

• Retaining books of accounts
• During tax audits, the tax agents will take initiatives for all the documentation to be shown

 Why KGRN?

• KGRN is affordable and reasonable
• Transparent communication
• Accurate and effective performance
• KGRN is a multi-purpose accounting firm connected all over the world.
• We are, indeed, a common and trustworthy platform for all taxation services and accountings.
• We have all the licenses and certifications required
• Our expert and legal team will lead you throughout the process
• We charge no hidden fees of any kind
• Thousands of happy and satisfied customers
• On-time delivery
• We provide instant updates about the process and guide you throughout the process

FAQs:

1.  Who is a tax agent?

Tax agents are qualified accountants who represent a taxable person before the FTA.

2. How many types of accounting are there?

There are eight different types of accounting.

3. When does the tax agent’s application will be cancelled?

When the registration applications are not right, the tax agent’s application will be cancelled.

4. What is a double tax treaty?

Two countries may sign a double tax treaty to avoid double taxations during the import and export.

5. What is a Tax Agency?

A tax agency is a legal authority which performs tax registrations under the FTA.

6. Are there any exams for the tax agency?

Yes, there are exams for the tax agency.

7. What is tax reconsideration form?

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