Virtuzone Allocates Over USD 13.6 million to get 10,000 SMBs Tax-Ready
Virtuzone is investing over USD 13.6 million in free corporate tax and accounting services that will enable 10,000 businesses and entrepreneurs to be corporate tax-compliant by December 2023. The company will provide small and medium sized businesses with free corporate tax registration, free accounting services for three months that will help businesses meet their reporting requirements for corporate tax, and a region-first compliance guarantee new to the UAE.
In June, corporate tax started to take effect in the UAE and all businesses are now mandated to register for corporate tax, manage their books and keep proper accounting records, and file a corporate tax submission with the Federal Tax Authority (FTA). However, more than 50-percent of UAE-based companies are still not ready to comply with the new corporate tax rules, with many adamantly believing the rules do not apply to them while they do.
Virtuzone’s Accounting and Tax Managing Director, John Casey feels that there is a lot of confusion around Corporate Tax in the business community with “many clients and businesses come to us asking if it applies to them since they are free zone companies or just small businesses.” He added, “We will help them comply with ease, get their books in order, and allow them to avoid penalties and fines. As a leading corporate service provider in the UAE, we aim to lead and guide SMEs in navigating this new terrain in the UAE’s constantly evolving business landscape.”
George Hojeige, Virtugroup CEO said, “By supporting SMEs, we are also supporting the national economy, as SMEs contribute more than 63-percent to the UAE’s non-oil GDP and account for 94-percent of the companies operating in the country. We are pleased and proud to be the first in our industry to take on this trailblazing initiative and lead the UAE’s business community in tax compliance.”