Home Business Corporate Tax: Here is why tax experts are in high demand in the UAE

Corporate Tax: Here is why tax experts are in high demand in the UAE

Corporate tax will be levied on businesses whose financial year begins on or after June 1.

by Staff Reporter
UAE ministry announces new decisions on Corporate Tax for Free Zones

The demand for tax compliance and bookkeeping services in the UAE is poised to soar with the upcoming rollout of the corporate tax law in the country in 2023, according to an industry expert.

Dubai-based consultancy firm Al Dhaheri Jones and Clark (ADJC), a registered tax agent in the UAE as approved by the Federal Tax Authority (FTA), said a number of small and medium enterprises (SMEs) and large corporations have already begun seeking the support and guidance of tax experts way ahead of the June 1, 2023 corporate tax implementation.

Such collaboration will ensure that a system is already in place to ensure their compliance with the new tax regulation.

The growth in number is only expected to gain momentum moving forward, with more and more local, regional and international companies continuously being set up in the country.

UAE corporate tax

When they partner with the experts such ADJC, organisations will benefit in terms of cost-effectiveness as well as efficient use of resources such as manpower. Their employees will be freed up from the tedious corporate tax-related tasks, allowing them to focus on other matters vital to business growth, stated ADJC in a statement.

The UAE will implement one of the lowest corporate tax rates at 9% beginning in 2023.

A tax will be levied on businesses whose financial year begins on or after June 1.

Adhering to tax law and reporting requirements will also require expert insights and experience that are founded on years of working with the tax authority.

Tax experts in UAE

Companies of all sizes will need auditors, financial and accounting experts and advisors and consultants with world-class professional backgrounds.

Considered one of the leading accounting firms in Dubai, ADJC’s expertise in different tax laws in the Middle East and commitment to international standards are among its competitive edge.

The company provides VAT professional services, financial services consultancy and cost-effective, value-added business solutions based on the highest level of professional ethics and quality standards.

tanvir@dubainewsweek.com

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