Introduction of Corporate Tax in the UAE has been saved
Introduction of Corporate Tax in the UAE
Tax technology readiness
Following the announcement of the Ministry of Finance (MoF) about the federal Corporate Tax (CT) introduction in the United Arab Emirates (UAE) in 2023, businesses should now focus on the practical implications this will have on their systems, processes, and technology. Executive teams must work closely with their technology partners to agree on and deploy the appropriate CT technology architecture.
When preparing for the transition to CT, UAE businesses must consider various factors to ensure readiness from a technology perspective. These factors include assessing the extent of integration with current business processes, the sophistication and knowledge of the existing IT architecture and systems within the organization, and the extent of CT process automation that an organization wants to achieve.
As next steps, businesses should look at the options for technology enablement and factor in how far the UAE CT implementation has progressed at the point of implementation. In this document, we clarify some of the ambiguity and emphasize the important areas where organizations should concentrate their efforts as they work to ensure CT compliance.