The UAE’s corporate sector has geared up their efforts to comply nine per cent corporate tax that will be effective in June 2023, however majority of the businesses are not yet ready to keep their accounting and auditing process up to date, experts say.
The proposed nine per cent new levy will be applied on companies generating more than Dh375,000 net profit per year from June 2023, which requires thorough accounting and auditing process. More businesses and investors are getting the commercial and trade licences to set up their base in the UAE as the government launched visa and business reforms to diversify its revenue sources.