TAXtrategize 2.0: TECH TAX TALK (Manage your Business Compliance accurately and effectively)

The clock is ticking, let’s tech tax talk!

NAS CHARTERED ACCOUNTANTS LLC in partnership with Zoho Books Zoho Middle East & North Africa presented an insightful experience on managing business compliance accurately and effectively through its TAXtrategize 2.0: TECH TAX TALK last November 15 at Conrad Jumeirah Towers, Corniche Abu Dhabi, attended by Small and Medium Enterprises (SMEs) owners, Business Partners, Finance and Accounting Professionals and Human Resource Officers. The event highlighted the practical guidance on tax compliance and its impact on businesses and the automation of tax accounting and beyond. These topics were addressed in accordance to the Federal Decree Law No. 47 of 2022 on the Taxation of Corporations and Businesses (Corporate Tax Law) which was issued last October 3, 2022, published in issue #737 of the Official Gazette of United Arab Emirates last October 10, 2022 and applied to tax periods on businesses commencing on or after June 1, 2023.

The TECH TAX TALK started with the introduction of the event sequence by NAS Chartered Accountants’ Associate Director for Operations and Strategy and the Moderator of the said event, Mr. Chad Myko Bayon-on, CPA, CMA, CSCA, CIA . Mr. Bayon-on highlighted the purpose of the TAXtrategize 2.0 which was to use the advantage of technology as an investment in the business, to have a proper implementation and compliance of the Corporate Tax Law and to communicate the recognition and realization of improvement into the business practices and standards.

Moreover, NAS Chartered Accountant’s Senior Business Development Manager, Mr. Christian Jay Redual, LSSBB provided the overall agenda of NAS Chartered Accountants to reassure SMEs and business partners that NAS Family would be able to understand their needs and expectations through delivering high-quality services and necessary support to ensure alignment of strategic business goals and continuous improvement in the future.

In line with this, the power of technology through its advances and approach revolutionized industries, created new opportunities and transformed the way accountants manage the business. ZOHO Books Head of Accountant Channel of Middle East and Africa, Mr. Gururajan Krishnamurthy provided the ways on using technology for continuous development and improvement of businesses in relation to the creation of new and more methods to increase productivity, improved efficiency and enhanced convenience. ZOHO Books is a cloud-based online accounting software designed for businesses. It helps to simplify accountings tasks and provide businesses with real-time financial insights to manage their finances and streamline business operations. With features like automated generation and customization of financial reports, ZOHO Books can be a helping hand for businesses with the use of technological advancement to accelerate processes in the future.

TECH TAX TALK consisted of two parts: Talk 1 emphasized on the practical guidance on tax compliance and its impact on businesses and Talk 2 emphasized on the tax automation and beyond. NAS Chartered Accountants’ Director for Tax and Consultancy, Mr. Shefeek Salim initiated the Talk 1 in relation to tax implementation and adaptation to have business compliance accuracy and effectiveness. It emphasized on the fundamentals and governance of Corporate Tax Law to the registration and compliance.

Together with Mr. Salim, NAS Chartered Accountants’ Manager for Tax Compliance and Advisory, Ms. Bimalka Kudamage, FCA, ACCA, ASCMA provided insights on taxable persons and residential status regarding the application of Corporate Tax Law. A taxable person (can either be natural or juridical) can be taxed according to its residential status. For residents, which include natural person, juridical person incorporated in UAE and juridical person incorporated outside UAE but effectively managed in UAE, the Corporate Tax will apply to the worldwide income. Meanwhile, for non-residents, which include taxable income from Permanent Establishment (PE) in the UAE, with UAE sourced income and have an income attributable to the nexus in UAE, the Corporate Tax will apply only on the UAE sourced income. Furthermore, Mr. Salim emphasized the persons or entities not covered and exempt in the law, the natural persons including the establishments, the Small Business Relief (SBR), the Free Zones, the registration of businesses, measurement of tax liability through accounting and audit, expenses with recognition, non-deductible expenses, carry-forward and set-off provisions and compliances under Corporate Tax Law. At the end of the Talk 1 discussion, Mr. Salim and Ms. Kudamage, along with Mr. Bayon-on, facilitated the mind tickling games were attendees used their gained knowledge to answer few questions in relation to Corporate Tax Law. With the participation being acknowledged, the winners were given prices for their immense amount of effort

ZOHO Books Partnership Manager, Mr. Dinesh Kumar B proceeded with the Talk 2 in relation to ZOHO Books being a corporate tax ready software with its unique features design for businesses. With ZOHO Books, businesses can streamline their accounting processes, automate repetitive tasks, and stay in control of their financials. It also integrates with other ZOHO Books applications as well as popular third-party applications, providing a comprehensive solution for managing business finances. At the end of the Talk 2 discussion, Mr. Krishnamurthy and Mr. Kumar facilitated the distribution of gifts and the announcement of the major giveaway of one-year free subscription of ZOHO Books.

The key takeaway on TAXtrategize 2.0: TECH TAX TALK focuses on the accuracy and effectiveness of managing business compliance through Corporate Tax Law. With the application of technological advancement in the organization, businesses can easily monitor their cash flow, manage inventory, and create budgets in order to improve accuracy, efficiency, and productivity in financial reporting and analysis. Additionally, many accounting systems offer integration with other business software such as customer relationship management and enterprise resource planning systems which can be an asset in the furtherance of the business. Furthermore, the application of the International Financial Reporting Standards (IFRS) and the audit of financial statements in the business to align with the measurement of compliance in order to have proper recording and documentation of Corporate Tax Law.

Lastly, communication is a vital element in creating holistic adaptation to change. SMEs, Finance and Accounting Professionals, Business Partners and Human Resource Officials need to create the value of change management, improvement, innovation and design thinking approach to incorporate strategies and growth in business. With these, let’s tech tax talk!