UAE is one of the richest countries in the world and it has one of the best and most strict finance laws in the world. All the businesses and other citizens in the country are obliged to follow all the tax and other financial liabilities to the kingdom. And one such tax is the Withholding Tax.

Are you a non-resident located in a different part of the world? Are you aware of the Withholding tax returns? If not, it’s about time you know about it.  

What is Withholding Tax?

The basic idea behind the Withholding Tax is that it is a direct tax removed from all returns attained by a non-resident from any source in the country. The Implementing Regulations of the Income Tax Law has the specific tax rate of Withholding tax. Put in simple words, the Withholding Tax deducts a proportion of total income from non-resident establishments that provide services within the Kingdom.  

The Withholding tax has now become the talk of the town. Wondering why? 

The Zakat, Tax and Customs Authority (ZATCA) has issued an invitation to taxpayers in the Kingdom who are liable to the Withholding Tax to file their tax returns for the month of May before June 10th.

The Authority has urged taxpayers to submit their tax returns at the earliest time possible, via its website (zatca.gov.sa) to avoid paying a late filing fee of 1% of the unpaid tax every 30 days after the due date.

Showcasing the urgency, the authority addressing all the taxpayers from the business has advised them to contact the authority via Twitter, Gmail, and more.

What should you do? 

Not everyone is a finance or tax wizard. Is all the fuss around the tax filing and other financial services something you cannot comprehend? All you need is the right team that can drive your tax filings with ease. There are numerous UAE-based finance service providers with branches in various other parts of the world. By hiring the best finance providers you will no longer have to worry about your taxing filings and other financial needs.

What you should look for in a finance company

Ready to hire a finance service provider? But before hiring one you should have a proper background check on the company. here are some of the best traits which will help you recognize a premium finance service provider.

Trustworthy

A relationship built on trust will be followed by success. Working with a trustworthy company, you need not worry about any fraudulent practices or activities coming your way. You can always sit back and enjoy your day while your finance team provides you with the best services.

Integrity

When it comes to an industry run by numbers, it needs to be rooted in integrity. Find a company that is renowned for its truthfulness, consistency and stringent adherence to strong moral and ethical principles.  

Professional 

Having a professional team means having the best. A professional team will have the perfect skillset along with good judgment, and courteous conduct. It is synonymous with a team that is proactive, ready to learn, and adapt to be better. With a professional team, you will not have to follow up on anything as they will come to you instead.

Transparency

Communication is the key to success. Thus, great and flawless communication between the client and the organization is essential when it comes to any industry. Implying openness and accountability, transparency is one of the important traits you should look for in a company. Here, the companies will take account of their actions and will keep you in the loop on all the activities.

Tech-driven

The entire world is driven by innovation and technology. Tech world is evolving all the time and for an industry like finance, it is vital to stay tech-savvy. Finance company backed by a state-of-the-art IT team is the best. They stay updated on the drastically changing technologies and make the required alliterations in the model. Such companies not only become the advisory for you but also assures security to your digital data.

As one of the renowned financial service companies based in the UAE, Tass & Hamjit offers all the essential services anyone can ask for. With our Zakat Filing Assistance and Withholding Tax Consultancy, we can help you with the Withholding Tax returns among your other financial needs. Choose the best financial service provider to enjoy hassle-free finance practices.