Tax Minimization in Dubai
Tax Minimization in Dubai
Updated on Tuesday 19th April 2016
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Although some of the tax minimization methods are more accessible to high income earners and large companies, investors in Dubai can choose to apply them, with or without the help of a professional tax planer.
Our lawyers in Dubai can help you understand the taxation laws in the United Arab Emirates and use them for your advantage.
Tax minimization strategies in Dubai
Making donations is perhaps the easiest way to benefit from certain tax deductions. This is one method that may be more beneficial for individuals who can afford to make large donations, but the deductions for donations can be carried out for anyone who makes them. Investors in Dubai can also set up a charity of their own which, with a good management plan, can be an effective investment tool.
Companies that can bring forward their tax deductions can benefit from a lower tax bill during the current financial year. By spending larger amounts of money on various investments (gifts, office supplies, technological equipment, etc.), companies can reduce the taxable income and also the tax bill. Any company in Dubai will encounter work-related expenses during a financial year and, if the financial situation allows for early investments, investors can use this tactic.
Other tax minimization strategies can include:
- investments in mutual funds or trusts,
- establish a good retirement plan and made adequate contributions;
- use the services of a professional tax planner to make tax-efficient investments.
Taxation in Dubai
Dubai, like the rest of the United Arab Emirates, has a very advantageous tax system. The government does not impose taxes on income or wealth, however, corporate tax is levied on certain foreign companies that operate in key investment areas. The Emirate also imposes indirect taxes, like municipal takes on hotel revenue and entertainment.
Our Dubai lawyers can give you detailed information about the taxes in Dubai. We can also provide you with complete company incorporation services.
You can contact our lawyers in Dubai if you are interested in efficient tax planning and tax consulting for your company.