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The Virtuzone Pledge: We’re investing AED 50 million to get 10,000 businesses tax ready

We are giving away Free Tax Ready Packages (worth AED 5,000 each) to 10,000 businesses to help them get ready for corporate tax by December 2023.

Why are we doing this?
The solution?

Our Tax Ready Package is packed with AED 5,000 worth of benefits that will get your business tax ready right away. Plus, we’re offering you a region-first Zero Penalty Compliance Guarantee. As long as you’re under our watch, we will cover any corporate tax-related fines your business might incur. *

Your business needs:
Our Tax Ready Package offers you:

*T&Cs apply.

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Frequently Asked Questions

Corporate tax is a direct tax imposed on the net income or profit of corporations and other entities from their business activities.

Corporate tax was introduced on June 1, 2023, however, it will come into effect for most UAE companies on Jan 1, 2024.

Corporate Tax applies to companies incorporated in the UAE, and companies effectively managed and controlled in the UAE, as well as to foreign companies that have a permanent establishment in the UAE.

Free Zone companies are not automatically exempt from corporate tax. There are specific conditions to be met for a free zone company to qualify for an exemption from paying corporate tax. However, even if a free zone company is exempt from paying tax, they will still need to register, keep proper accounting records, and file a tax return.

The corporate tax rates in the UAE are as follows:

  • 0% for taxable income up to AED 375,000
  • 9% for taxable income above AED 375,000

A different tax rate will apply to large multinationals meeting specific criteria based on Pillar Two of the Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting Project.

The Federal Tax Authority (FTA) is responsible for the administration, collection, and enforcement of corporate tax in the UAE.

All companies in the UAE, including those in free zones, must register for corporate tax, keep accounting records and file tax returns.

The financial year for most companies in the UAE starts on January 1st, 2024.

Most businesses in the UAE need to follow International Financial Reporting Standards (IFRS) for their accounting; however, this may vary depending on the size of the business.

Yes, every company in the UAE needs to file a tax return, even if they are exempt. Filing a tax return is necessary to prove compliance with corporate tax requirements.

Virtuzone is pledging to get 10,000 companies tax ready and is offering a Free Tax Ready package worth AED 5,000. The package includes free tax registration, free three months of accounting services, and a compliance guarantee.

The tax compliance guarantee applies to fines incurred for late registration or late filing of the annual return. It does not cover fines incurred prior to January 1st, 2024, or fines related to overdue payments. The guarantee requires that businesses provide all required information at least 45 days before the registration or filing deadline.

Why Virtuzone Accounting and Tax?

Virtuzone Accounting and Tax (VZAT) is a division of Virtuzone dedicated to providing top-notch accounting and tax services to small and medium-sized businesses in the UAE. With a team comprising over 150 highly qualified and carefully vetted accountants and tax specialists, VZAT provides a broad range of services including bookkeeping, payroll management, auditing, financial reporting, registration and filing for corporate tax and VAT, tax strategy, and more.