With the UAE’s successful introduction of corporate tax in June, the country’s economic and regulatory landscape is on the verge of a sweeping transformation which is aimed at diversifying the nation’s economy and improving its position as a global business hub.
Recognising the pivotal role of small and medium-sized enterprises (SMEs), which account for more than 63 per cent of the UAE’s non-oil GDP and represent 94 per cent of the total number of companies in the country, Virtuzone has launched a one-of-a-kind initiative to guide local companies in navigating the new regulations and processes that come along with the new corporate tax scheme.
A leading provider of company formation solutions and corporate services, Virtuzone has committed to providing 10,000 companies with free corporate tax registration, free accounting services for three months, and a pioneering compliance guarantee – the exact solutions that UAE businesses need to comply with the country’s newly implemented corporate taxation rules.
The company has allocated a substantial investment of over Dh50 million to support the widescale initiative, underscoring its commitment to supporting the UAE’s start-up and SME sectors. Designed with the SMEs in mind, the corporate tax initiative offers companies of different scales a streamlined and effective approach to managing and fulfilling their tax responsibilities for the long term.
“We have designed this initiative to offer proactive solutions for SMEs and ensure they are well-prepared for full corporate tax compliance and adeptly positioned to navigate the nuances of the UAE’s dynamic and constantly evolving regulatory landscape,” said John Casey, Managing Director, Virtuzone Accounting and Tax.
However, the ground-breaking initiative goes beyond providing expert assistance to businesses. As the UAE’s economy is closely linked to its SME sector, Virtuzone’s initiative to offer complimentary tax and accounting support not only supports SMEs but also helps boost the country’s economic foundation.
Launching complimentary accounting and tax services for local UAE companies is just one of the programmes that Dubai-based Virtuzone has introduced to help ease corporate tax compliance for businesses.
Earlier this year, Virtuzone has unveiled TaxGPT, the world’s first AI-powered UAE corporate tax assistant, which is programmed to provide instant and up-to-date answers about corporate tax. TaxGPT sources its answers from online publications released by the UAE Ministry of Finance and the Federal Tax Authority, the two official sources of information about the country’s corporate tax legislation.
During the announcement of TaxGPT, Casey emphasised that TaxGPT is built to make it easier for companies to access and understand information about corporate tax, which is key to helping them achieve full compliance with the law.
“We understand that the new tax regime may seem like uncharted territory for many businesses, and that is why we are here to provide expert guidance and assistance,” said Casey.