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UAE Corporate Tax: 'Black points' to be issued to Tax Agents For Wrong Advice From July 1

As of July 1, tax agents in the UAE will be issued "black points" for providing incorrect tax advice to corporate clients. The move is aimed at ensuring that tax agents adhere to the highest standards of professionalism and accuracy in their work.

 

The black points system will track the performance of tax agents and penalize those who consistently provide inaccurate advice. This will help to promote transparency and accountability in the corporate tax sector, ultimately benefiting businesses and the overall economy.

 

Tax agents play a crucial role in guiding companies through the complexities of the UAE tax system, and it is essential that they possess the necessary expertise and knowledge to provide reliable advice. By holding tax agents accountable for their actions, the UAE tax authorities are sending a clear message that errors and inaccuracies will not be tolerated.

 

Companies should therefore ensure that they work with reputable and qualified tax agents who have a strong track record of accuracy and compliance. By doing so, they can avoid potential penalties and ensure that their tax affairs are handled professionally and efficiently.

 

Who qualifies to be a Tax Agent?

 

In the UAE, a tax agent must meet the following qualifications:

 

1. Hold a relevant degree in accounting, finance, or taxation.

 

2. Have at least three years of experience in tax, accounting, or finance.

 

3. Pass the Tax Agent Exam administered by the Federal Tax Authority (FTA).

 

4. Be of good character and reputation, with no history of financial or legal misconduct.

 

5. Have a valid license issued by the FTA to operate as a tax agent in the UAE.

 

6. Adhere to the professional and ethical standards set by the FTA and other regulatory bodies. 

 

It is important to note that only licensed tax agents are permitted to represent clients before the FTA and provide tax advisory services in the UAE.


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Last update 09, April 2024