NEWS: VAT in UAE

News: Due to the implementation of the Value Added Tax (VAT) in the United Arab Emirates by 01.01.2018, we would like to point out, that all companies in the UAE with a taxable annual minimum turnover of AED 375.000 have to register themselves immediately with the local responsible authority, the Federal Tax Authority. The obligation to register must be fulfilled according to the current guidelines of the Ministry of Finance by 01.01.2018. The obligation to register concern all UAE-based companies, independently from their location in one of the numerous free trade zone or state territory. In the previous published laws significant fines are effective in the case of violation of the legal requirements. Please note that also foreign companies domiciled outside the UAE may need to register in certain cases. Therefore we advise that a contact to your legal advisor is absolutely necessary.

Due to variety of areas concerned  and the complexity involved relating to the implementation within the company we regard as very important the inclusion of an expert. Finally, it is a matter of giving a comprehensive insight into potential risks and demonstrating strategies to hold risks as low as possible and of avoiding mistakes between the legal implementation and actual implementation .

ABOUT US

Partnership Wortelmann, is one of the tax consulting company based in Dortmund which has specialized for more than 40 years in complex tax issues and tax and business advice including internal tax law as well as accompanying companies and private individuals. The office is led by the partners Wolfgang Wortelmann (Dipl.-Kfm., Certified Public Accountant (CPA), tax consultant) and Torsten Wortelmann (Dipl.-Kfm., Certified Public Accountant (CPA), tax consultant, tax advisor for international tax law).

Since November 2008 we advise our clients also on our new location in Dubai (Al Barsha; currently: Deira), United Arab Emirates under the name Wortelmann Accounting services ("Wortelmann Accountancy"). Due to our office in Germany, establishment in Dubai and cooperation partner in Germany and the Middle East the mandators will be attended to by a single partner. From March 2018 you will find our office in the Business Bay, Dubai, United Arab Emirates.

Beside the forming tax consultation, Partnership Wortelmann attach great importance on the comprehensive support with all remaining relevant fiscal and economic questions. We are also closely connected with our cooperation partner Schlüter Graf Legal Consultants. Due to the close links established between them, we are able to set up expert teams even at short notice. These teams can operate on a national and international level to give either support in legal or/and tax assessment, whenever this is required, and whatever issues may be concerned. Because in the society right, law of contract or labour law there exist connections to the tax right - and your enterprise. If desired we can do all these matters in your interest.

Our advisors speak English, German and Spanish languages.
Torsten Wortelmann

Torsten Wortelmann

Partner

Mark Elbracht

Mark Elbracht

Head of Accounting

Mira Risse

Mira Risse

Head of
International Tax Consulting


Regine Hahn

Regine Hahn

Head of
Operations UAE


ACCOUNTING & CONSULTING

By taking over the tasks of payroll and financial accounting, we relieve our clients from their commercial duty to keep records and accounts and to make statements. This allows the contractor to concentrate on core business.

With our monthly business assessments, we provide our clients with a suitable controlling and regulating instrument.

The DATEV software applied for payroll and financial accounting guarantees that you always comply with the latest jurisdiction.

Tax consultancy is a focal point of the Wortelmann professional partnership.

In the “life cycle” of our client, this begins with advice on setting-up the business, comprises the regular payroll and financial accounting work as well as annual audits and also consultancy for testament and succession concerns.

Of course we also support our clients in finding the optimal tax arrangement for their business activities.

We are available to our clients for all tax and business related matters all year round, independent of holiday dates and public holidays.

Examples of our consultation topics are:
  • Preparation of tax returns for companies and individuals
  • Representation of your tax interests in opposition proceedings and/or in fiscal proceedings
  • Tax optimization of the legal structure
  • Tax planning for corporate transactions and the restructuring of the company
  • corporate succession in relation to private and business assets
  • The preparation of annual accounts (national law accounts as well as International Accounting Standards concerning the annual accounts)
  • a statutory or voluntary annual audit
  • cash basic accounting
  • financial accounting inclusive sales tax summary
  • payroll accounting
  • accompanying tax office inspections

We recommend: Get professional support!

INTERNATIONAL TAX CONSULTING

Partnership Wortelmann has comprehensive knowledge and experiences with the use of the double taxation agreements. Just with a choice of the legal form for a foreign engagement (foreign company site or subsidiary) it is a matter of avoiding double taxations. Here it is a important to optimize the tax position and of providing for the fact that possible tax losses can be settled by company sites or subsidiaries with profits in the same or in another state.

For domestic and cross-border activities in regard of company acquisitions and restructuring tax issues also play an important role in order that not unintentional causes taxation or hat the loss carry-forwards would be eliminated. Also transfer prices play internationally an important role. Under the headword „Base erosion and profit Shifting“ (BEPS) these get increasingly in the focus of the financial administrations.  The structure of  transfer pricing as an instrument help to transfer the profits in the lower taxing foreign countries. We support you with the documentation, with the management TP Risk, with the Value Chain Planning. In addition, we are helpfully with the defence of the settlement prices in the audit of operating results, before revenue courts, with notification as well as with obliging assents or information and Advanced Pricing agreements.

We offer services that help multinational companies align their tax strategies to their business through a wide variety of compliance and advisory services. Our expert provide a comprehensive range of tax services.

Our offer includes the following services
  • Compliance achievements
  • Internationally Strategic Tax Reviews
  • International enterprise purchases and enterprise sales
  • Business model Optimization
Employee assignments abroad has become more important for companies. By the employee's assignments many juridical and tax aspects must be considered e.g. employment contracts of the Expats up to social security.

We support you as an employer as well as employee with the following services:
  • Social security
  • Tax law
  • Labour law
  • Compenstation
  • Right of residence
We answer legal issues as well as tax issues all around the employee's assignment and we will give you detailed information on what is to be observed and how to proceed e.g. Poland, the Netherlands and in Dubai.

TAX COMPLIANCE SYSTEM

To secure the observance of legal regulations and duties as well as the enterprise-internal directives in the area of Taxes systematically and preventively, it is called Tax Compliance.

The demands of the tax authorities for tax departments to be "compliant" and to record the business facts correctly in relation to the tax circumstances is steadily rising.

To protect the effectiveness and business activity of an enterprise, the Tax Compliance management system (Tax CMS) serves for the organisational implementation of management decisions on the basis of principles, procedures and measures.

To be able to react these challenges appropriately, it requires in many enterprises an adaptation of the tax processes.

It is our pleasure to optimize your processes for the observance of the duties of Compliance in your enterprise.

CONTACT

Get In Touch

Contact

P.O. Box 283759
Dubai / U.A.E

+971 (0) 50 173 54 09

info@wortelmann-accountancy.com

© 2018 Wortelmann Accountancy. All Rights Reserved.