UAE Corporate Tax: Technology to help businesses stay compliant

UAE Corporate Tax: Technology to help businesses stay compliant

With the UAE intriducing corporate tax from June 1, companies in the country are now focusing on getting their tax liabilities compliant with the latest government rules. Technology has come a long way in helping businesses streamline tax processes and stay compliant. Cloud-based accounting systems help businesses automate tax calculations, generate tax reports in Federal Tax Authority’s (FTA) mandated format, and help in maintaining accounting records and documents securely. “These capabilities allow businesses to reduce errors and the manual effort that goes into staying compliant. It also provides internal control capabilities such as audit trail, access control, and transaction approval workflows. This ensures complete transparency and data integrity which ultimately protects the business from misuse of sensitive information,” Prashant Ganti, head of product management, Zoho Finance and Operations Suite, told Khaleej Times. Additionally, good accounting software will help businesses to automatically future-proof their business for any new government-mandated regulations that may be introduced, he added. Excerpts from an interview: With advances in technology, the UAE will likely see the use of automation for tax filing which will reduce manual errors, streamlining the entire process. Additionally, with the evolving tax regulations, businesses might be required to do continuous reporting and engage