Reports and Accounts Books for UAE Corporate Tax – What’s Next?

Tally Solutions | Updated on: April 20, 2023

A brief about how corporate tax will be calculated

Paying corporate taxes can be more beneficial for business owners than paying additional individual income tax, as applying corporate tax UAE is considered to be a competitive advantage, especially for foreign investments.

The corporate tax calculation process starts with finding the adjusted gross income and the allowed deductions to compute the taxable income, then evaluating the business taxable income using this formula: Taxable income = Adjusted Gross Income all Applicable Deductions, finally multiplying the corporate tax percentage with the taxable income to determine the corporation tax liability:

The final amount of UAE Corporate Tax payable to The Federal Tax Authority in UAE will be reduced by any foreign taxes incurred on the relevant income.

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Reports that will be of prime importance

The UAE Income Corporate Tax regime proposes to use the accounting net profit position in the financial statements of a business as the starting point for determining taxable income.

The business financial reports, accounting books, and financial statements will be of prime importance for such assessment. Businesses’ taxable incomes include profits from the sale of products or services, commissions, interests, capital gains, and rents to obtain the applicable taxable income.

Business management software can handle calculations while managing all records, transactions, accounting books, inventory, financial reports, and assets management for planning, budgeting, reporting, auditing, or tax purposes.

How automated reports will help businesses in the corporate tax regime?

  • The accounting net profit of a business is the amount reported in the financial statements and business reports prepared in accordance with internationally accepted accounting standards
  • Automated reports will ensure the consistency and transparency of all provided reports and accounting books from a business
  • Automated reports will make the corporate tax return filing process easier and more efficient
  • Accountants within an organization can use a business management software to calculate taxes for business transactions, file returns electronically, and store tax-related forms, accounting books and financial reports in a few clicks and easy steps

How can TallyPrime help?

Accuracy of your financial data in the corporate tax era is of top business priorities. With the experience of 30+ years in GCC and the trust gained from more than 2 million businesses worldwide, TallyPrime helps your business to be corporate tax compliant while ready for this business transition smoothly.

TallyPrime is a business management software that can manage the growing needs of your business, it includes full support for UAE VAT, from generating tax invoices to filing accurate VAT returns, and many other features such as:

  • Manage your books of accounts with ease in high accuracy and consistency
  • Ease of managing your daily financial transactions
  • Assist your business to be corporate tax ready in no time
  • Create VAT-compliant invoices, while managing different types of VAT supplies such as exports, imports
  • Generate business reports for accounting, inventory, and financial statements such as profit and loss accounts, and balance sheets
  • Complete support for UAE VAT, from generating tax invoices to filing accurate VAT returns

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