The United Arab Emirates (UAE) is taking a major step forward in corporate taxation, with the introduction of corporate tax set to go into effect on June 1, 2023. This will mean that companies across the UAE will need to be prepared with proper accounting and reporting measures to ensure they remain compliant with the new law.
One of the most important aspects of accounting and reporting is the ability to accurately record and report on income and expenditure. This applies both to companies already present in the UAE and those looking to establish a presence. Companies must be able to accurately record their income and expenditure to remain compliant with the new tax laws. This means that businesses need to have an effective system in place for recording and reporting on all financial transactions, as well as having established systems for reporting on the financial performance of the company.
Moreover, companies must ensure that they employ staff with the necessary qualifications and experience to ensure that the accounting and reporting requirements are met. Companies should also be aware of all applicable laws regarding the protection of their financial data and must ensure that they are complying. Finally, companies will need to invest in external support and advice to ensure that their accounting and reporting procedures remain in line with the new law. This includes enlisting the services of a qualified accountant, who can provide guidance on how to best implement the new regulations to ensure that the company remains compliant.
At Affinitas we are happy to assist you with the set up of your accounting process and procedures and provide you with bookkeeping and accounting services designed to meet your needs. Set up a free consultation with our finance and accounting department to assess your needs.