Corporate Tax Consultant; Complete Guide in (2022)

Corporate Tax Consultant

Familiarizing with the taxation policies of a country you’re residing in and doing business permits you to execute your daily business choirs without any inconveniences. However, it is not a no-brainer to understand all the taxation policies, especially in Dubai if you are a foreigner or startup business investor.

Thus, in this guide, we’ve penned down some noteworthy points to equip you with the best information regarding corporate tax consultants.

The following is what you’ll learn in this guide;

  • What is corporate tax UAE?
  • How do you become a corporate tax consultant?
  • What does a corporate tax advisor do?
  • What are the skills required for a tax consultant?

Let’s start from the top;

What is corporate tax UAE?

This is a form of direct tax imposed on other business entities, the profit of corporations, or the net income.

Corporate tax was introduced in the UAE in January 2022 by the Ministry of Finance. The corporate tax was slated to be effective on 1 January 2024 or 1 July 2023, having in mind the financial year followed by the business.

Therefore, by implementing the corporate tax, the UAE is out to achieve the following;

  1. Hold its position tightly as the top country in the global hub for doing business.
  2. To power its development to attain its strategic objectives in business.
  3. To do away with harmful tax practices in the country.

How do you become a corporate tax consultant?

First, tax consultants are experts or professionals who assist people in their respective businesses in dealing with and understanding the taxation layout of a given nation.

If you want help to get a professional tax consultant in Dubai, we at Vigor Business Set up Company Formation will guide you on how to locate one and shape your taxation skills. Generally, as a business investor in Dubai, you must be somewhat competent in matters concerning corporate UAE taxation.

And so, that’s where a professional business consultant at Vigor comes in handy to help every business set up in Dubai launch a successful business by following all the policies needed in the UAE.

Therefore, tax consultancy service in Dubai includes tax analysis, tax preparation, tax payments, and submission of tax returns.

To perform taxation tasks, here are the proven steps on how to become a successful corporate tax consultant in Dubai

Also read:  UAE Tax Residency Certificate 

Conduct In-depth Research about the Industry

This is an pertinent step to consider if you want to become a successful corporate tax consultant in the UAE. Therefore, you can do your research by reading books and searching the internet to get detailed nuggets about the industry.

Additionally, you may wish to attend workshops or seminars related to tax consultants. Similarly, getting in touch with people in this profession will help you unearth more about your tax consulting career.

Consider Getting a Bachelor’s Degree

After you’re done with your research, getting a bachelor’s degree is the next step to consider. In this case, you may want to study for a degree in economics, accounting, or finance.

The degree typically lasts for four years. Taking a full-time course in accounting, economics, or finance will help you gain tremendous knowledge and connect with people in the tax consultancy field.

Get a Paid or Unpaid Internship

An internship is professional training where students earn more experience in their field of study. This training can be paid or unpaid, depending on your institution.

Gaining experience in your accounting or finance course is suitable for the aspirin tax consultants. Additionally, you can opt to earn a CPA along with your degree, which will boost your credibility as a corporate tax consultant, though it is not a must.

Sit for the CPA exam and Apply for Licensing.

CPA is an exam primarily centered on testing how well you’ve understood reporting, auditing, financial accounting, business, and attestation.

Therefore, after completing the CPA exam, you can now apply for state licensure. Each country has its regulations when it comes to CPA license applications. So, ensure you’re well conversant with the rules imposed on CPA licensing applications in the UAE.

Job Application

Now it is time to apply for a job as a corporate tax consultant in Dubai. Once you’re done with your bachelor’s degree, internship, and earned your CPA, the door is wide open to get a consultant job.

So, you may opt to apply for a job position in the public or private sector. There are tons of tax consultant positions at the state, local, and federal levels.

Additionally, you can choose to open your tax consultant firm.

What does a corporate tax advisor do?

Generally, a corporate tax advisor is ordained to do the following tasks upon recruitment;

  • Collecting the company’s financial data
  • Filling of annual returns
  • Implement plans for optimizing the amount of taxes the company pays
  • Ensure financial documents are accurate
  • Ensure the tax laws of the company have been followed
  • Work to solve all financial errors the company might run into

What are the skills required for a tax consultant?

As you may wish to become a tax consultant in Dubai, this profession may not be for everyone. You may be required to possess some basic skills, which include the following;

  1. problem-solving
  2. attention to detail
  3. commercial awareness
  4. negotiation skills
  5. organization skills and planning
  6. interpersonal skills and excellent communication
  7. analytical mind and logical skills
  8. Superb numeracy skills

In the same vein, here are the qualification any organization might examine before hiring you to be their tax consultant;

  • Statistics
  • Business
  • Law
  • Economics
  • Finance and accountancy
  • Mathematics
  • Management

Final Thoughts

A corporate tax consultant is a specialized field in the UAE. As they impose new rules concerning Federal taxes, the demand for tax consultants will skyrocket in Dubai to help businesses understand the top dos and don’ts of the corporate tax on their business entities, profits, and income.

However, if you want any assistance on the same, you can reach out to us. Vigor Business Set Up Company Formation is an experienced business setup company that helps investors with documentation, banking, or licensing applications.