Drums roooooolls 🥁🥁🥁
Jaxa Chartered Accountants is now an FTA-approved Tax Consultant. UAE’s Federal Tax Administration is now recognizing us as a tax agency. We’re thrilled to announce this news.
Our registration number: 300052032
It’s underlining our commitment towards providing compliance with UAE’s tax laws.
We see it as more than a badge. It’s an added responsibility we embrace. Now, you must be wondering:
Why FTA-Approval matters in the first place? 🤔
Taxable entities in UAE must engage a tax agent for fulfilling their tax obligations. These agents represent entities before the Federal Tax Authority (FTA). Pivotal under the Federal Law No. (7) of 2017 on Tax Processes.
The FTA’s job is, maintaining a register containing each tax agent’s professional conduct.
As per Article 13 of the Tax Processes Law, … those licensed by the Ministry of Economy can operate as a tax agent in UAE.
What are the Qualifications of a Tax Agent? 🤨
FTA-registered tax agents should meet these criteria from Article 10 of Cabinet Decision No. (36) of 2017:
1) High moral character and no criminal convictions
2) Certified Bachelor’s or Master’s degree in tax, accounting, or law. Or a Bachelor’s degree combined with a reputable tax institute’s certification.
3) At least 3 years’ experience as a credentialed attorney, accountant, or tax professional
4) Fluency in Arabic and English (written & verbal)
5) Completion of all the required tests
6) Good health for fulfilling the role’s responsibilities
7) Ownership of professional indemnity insurance or coverage by such insurance
Understanding the essential attributes & qualifications of a tax agent is crucial.
What are the responsibilities of an FTA-Approved Tax Agency? 😮
In UAE, tax agents play a vital role in assisting clients with tax-related obligations. Key duties of a tax agent includes:
1) Providing guidance and interpreting the UAE VAT Law
2) Compiling and submitting VAT returns to the FTA
3) Facilitating VAT deregistration applications
4) Maintaining tax records and information
5) Assisting companies in VAT registration
6) Seeking reconsideration of FTA rulings
7) Preparing companies for tax audits
8) Appealing FTA-imposed tax fines
How’s it Working with UAE Registered Tax Agents? 🙄
Right communication with the FTA is essential for the UAE businesses. The tax agent will act as the authorized representative for such communications.
And now,
JAXA is ready as one of the best tax and auditing firms in UAE for ensuring your tax compliance. You can congratulate us by leaving a 👍 in the comments.
Meanwhile, one final drum roooll 🥁
Jaxa Chartered Accountants 