How you can best prepare for the UAE Corporate Income Tax?

The recent announcement from the Ministry of Finance (MOF) in the UAE has stirred up some commotion and confusion. Are you also a bit intimidated? Don’t worry, there are quite a few things that you can do as a business owner to prepare yourself for these changes. Find out here how you can best prepare yourself for the UAE Corporate Income Tax (CIT).

Educate yourself

As with any change in government ruling (or any professional matter), the first, and best, logical step is to read. Read as much as you can about what is going on so that you can make informed decisions. Thankfully nowadays, you can also watch videos and listen to podcasts or live conversations as well. If you are not a reader, you will still be able to educate yourself adequately.

The main aim is to feel comfortable with the conversation. If you are still unsure about whether the new CIT applies to you, have a look at this article for the breakdown. Remember that some businesses will be exempt from it. It is also recommended that you read the rest of the articles in the ‘UAE corporate taxes’ series.  You will find information about why it was introduced, who will be exempt, and what changes you can expect.

Finally, one of the best places that you can educate yourself is on the official government website itself where the details are laid out clearly. Follow the link to the MOF website here.

Educate your staff

The second most important thing that you will have to do as a business owner is to educate your staff. While they might not be as interested in the topic as you are, they will definitely play a part. The sooner you introduce the conversation into your workplace, the more likely it is that your staff will be onboard and ready to make the changes necessary.

Hire an accountant

Along with educating your staff, the most important step that you can take to prepare for the CIT is to hire an accountant. If you do not have one yet, this will make you feel much more prepared for the changes that are yet to come.  The peace of mind you will gain is unparalleled. You will be able to continue focusing on the bigger picture while someone else runs the numbers.

Hiring an accountant that fits your needs has also never been easier. You are at the right place at AccountingMarketplace.ae. Head over to our quote page to fill out a few details and get a quote for your needs. Alternatively, you can write an email straight to our address at info@accountingmarketplace.ae. Let us know what you are looking for and we will find it.

Taxes are daunting enough as they are. We want to make it as easy for you as possible.