UAE free zones are becoming increasingly crucial in attracting investors and strengthening the country’s economy. Industry experts have gathered to assist start-ups, SMEs, and investors in navigating the business landscape and driving rapid growth.
Ismail Al Naqi, Director General of Free Zones Authority of Ajman, praised Gulf News for uniting the business community and backing the nation’s agenda to expedite growth in the business landscape through their Invest UAE seminar that focused on spotlighting lucrative business opportunities within the UAE. Businesses are urged to refine their accounting and auditing procedures to streamline operations as well as comply with changes brought on by corporate tax laws. “For businesses with revenues exceeding AED 50M as well as for qualified free zone companies, auditing is mandatory under the new corporate tax regulations. Companies must ensure that registration of their business adheres to specified timelines as per the corporate tax law.” Said Naveen Sharma, Founder & Chairman, Taxation Society in the UAE. “This involves maintaining records including electronic documents, invoices, and agreements. Coordination between group companies must be carefully managed to meet compliance requirements,” explained Sharma. The Federal Tax Authority reminds Resident Juridical Persons subject to Corporate Tax with licenses, regardless of the year issued, to register by June 30, 2024, to avoid penalties. Failing to register within the specified timeframe will subject a Dh10,000 administrative fine on offenders. The implementation of corporate tax would enhance competitiveness of the ecosystem by ensuring businesses remained compliant with proper bookkeeping and financial statements. A highly competitive corporate tax rate of 9% will help the UAE not only reaffirm its reputation as a leading global hub for business and investment but also diversify its revenue streams.
