Zoho First to Launch Corporate Tax Feature in UAE – News

Zoho Books adds corporate tax functionality to its tax engine to support UAE businesses

Prashant Ganti, Head of Product Management, Finance and Operations Suite, Zoho. – Photos provided

Zoho, the world’s leading technology company, announces new corporate tax functionality in Zoho Books, the FTA-certified cloud accounting software that enables businesses, self-employed entrepreneurs and freelancers to automate corporate tax compliance and better Learn about their tax filings.

In addition to helping businesses comply with VAT regulations, the new feature launched by Zoho Books will also provide businesses with automated tax calculations to ensure timely and accurate tax filings.

“When VAT was implemented in the UAE, we launched the UAE version of Zoho Books to help businesses comply with the tax. Since then, we have witnessed strong adoption and continued growth in revenue in the region. This can be attributed to the fact that Namely, businesses are seeing the value of having robust cloud accounting software that is baked into the system. With a feature launching today in Zoho Books, businesses can see how much they owe in corporate taxes and file their returns with ease. Corporate Tax Features The addition demonstrates our strong commitment to helping UAE businesses thrive in the ever-changing tax and regulatory environment,” said Prashant Ganti, Head of Product Management, Finance and Operations Suite, Zoho.

Zoho Books also has built-in collaboration features that enable businesses to collaborate with their finance teams and accountants in real-time to quickly identify and resolve any discrepancies and obtain clarifications, improving the accuracy of financial data. Zoho Books user interface is available in English and Arabic.

Since June 1 this year, the UAE Ministry of Finance has stipulated that taxable companies with an annual profit of more than 375,000 dirhams must pay a corporate tax of 9% on their operating profits.

Zoho Books recently conducted a survey of its clients in the UAE to gauge their readiness for the upcoming corporate tax regulations. According to the survey, more than 44% of enterprises are currently establishing frameworks to ensure compliance. In addition, more than 85% of businesses believe that understanding the law and its requirements will be the main challenge for compliance, while 83% believe that tax compliance workshops and training are critical to preparing to implement the law.

Overall, the survey also revealed that 82% of businesses use Zoho Books to successfully and accurately file their VAT returns and pay their taxes on time. Additionally, more than 80% trust Zoho Books to help businesses meet their corporate tax obligations.

Zoho Books hosts corporate tax meetups for business owners and also offers a variety of online resources, including guides and FAQs, to help businesses understand the law and transition smoothly.

Zoho Books is one of Zoho’s best-selling solutions in the Middle East and Africa (MEA) region. The app is a comprehensive cloud-based accounting solution that helps businesses manage their finances and maintain VAT and corporate tax compliance under FTA guidelines. The software also offers advanced features such as order management, budgeting, expense management, workflow automation, customization, and business analytics.