Corporate Income Tax Software (CIT) in Dubai, UAE - FirstBit ERP Solutions | FirstBit
CIT
blog

FirstBIT ERP

Corporate Income Tax Software in UAE

FTA-accredited Cloud ERP software helps to keep all records and reports in compliance with the UAE Corporate Income Tax law.
Minimize risks of non-compliance and save time on corporate time calculation.

Tax accounting for single TRN and Tax Groups

Automated CIT Tax liability calculation

Accounts settings for precise UAE Corporate Income Tax return generation

Prepare CIT Return



Efficiency of ERP Systems in Filing Corporate Taxes

Corporate income tax (CIT) in the UAE is a significant development. As per the new law, all taxable businesses must pay a 9% CIT, starting from the beginning of their first financial year on or after June 1, 2023. This law aims to align the UAE with international tax transparency standards and prevent undesirable law practices.

The UAE's adoption of CIT marks a shift, positioning the nation as a global business and investment hub while adhering to international tax transparency standards. For detailed CIT laws, visit the Federal Tax Authority website.

In response to this reform, companies are seeking effective management strategies. Corporate Income Tax ERP software proves instrumental by centralizing data, automating financial processes, and promoting seamless collaboration. This strategic tool is vital for navigating the evolving corporate tax landscape in the United Arab Emirates.

Corporate Tax Accounting Software Features

Record

  • Corporate Income Tax Accounting for Tax groups and individual businesses in the Emirates
  • Configure Corporate Income Tax accounts and tax periods to enable precise and timely returns
  • Configure Tax rate
Analysis
  • Track taxable income
  • Payable CIT report
  • Tax Accounts statement
  • Generate, review, and track returns
Other
  • User-friendly interface
  • Cloud access
  • 100% Secured data

Corporate Income Tax Compliance


Ensure Compliance with UAE Corporate Income Tax Law and save time and costs.

You're at the right place if meeting your business compliance with UAE CIT laws is your primary requirement. Built for small, medium, and large companies in construction, engineering, trading, and manufacturing, FirstBit ERP is software approved by the UAE

Federal Tax Authority. It helps prepare Tax returns easily and avoid penalties.

Efficiency of ERP Systems in Filing Corporate Taxes


Corporate income tax (CIT) in the UAE is a significant development. As per the new law, all taxable businesses must pay a 9% CIT, starting from the beginning of their first financial year on or after June 1, 2023. This law aims to align the UAE with international tax transparency standards and prevent undesirable law practices

The UAE's adoption of CIT marks a shift, positioning the nation as a global business and investment hub while adhering to international tax transparency standards. For detailed CIT laws, visit the Federal Tax Authority website.

In response to this reform, companies are seeking effective management strategies. Corporate Income Tax ERP software proves instrumental by centralizing data, automating financial processes, and promoting seamless collaboration. This strategic tool is vital for navigating the evolving corporate tax landscape in the United Arab Emirates.

Efficiency of ERP Systems in Filing Corporate Taxes


Automated Financial Processes

  • Accounts payable & receivable management. Track amounts owed to vendors or suppliers for goods or services received but not yet paid for.
  • General ledger function. Ensure that your business keeps track of financial transactions by controlling numbered accounts. With FirstBit ERP software, you will reduce the need for manual data entry, limit human errors, enhance overall efficiency, and easily prepare financial reports.
  • Balance sheet. Calculate the company's total assets using the sum of its liabilities and equity.
  • Bank account statement documents. Obtain a summary of your account activity during a specific period. This feature of FirstBit ERP will help you to reduce non-compliance risks and avoid associated penalties.

Real-Time Reporting

  • Tax reports in real time. Gain an edge in finance scheduling, decision-making, and regulatory compliance with real-time tax reports.
  • Reporting and analytics features. Streamline your financial reporting with effortless accuracy when producing financial statements, income statements, balance sheets, and cash flow statements.
  • Adherence to tax liabilities. Ensure adherence to tax liabilities by leveraging CIT ERP software, which can monitor tax liabilities in real time and identify potential opportunities for finance-saving.

Data Centralization

  • Unified database. Easily access accurate and uniform financial and operational information from your company's departments and business units.
  • Automated data processing. Automate the data collection and reconciliation process across various systems, which will not only save time but also significantly reduce the possibility of errors.
  • Handy data storage. Retrieve all the essential information required for tax calculations, reporting, and compliance with ease, as all the relevant data is conveniently stored in a single location.

Tax Rule Compliance

  • Up-to-date CIT rates. Always adhere to the proper CIT rates and regulations integrated into FirstBit ERP to minimize mistakes and guarantee complete compliance.
  • Accommodation for diverse regulations. Ensure accurate corporate income tax calculations and mitigate compliance risks by customizing ERP systems to accommodate various rules based on geographical location, product category, and customer type.
  • Flexible solution. The FirstBit ERP software can be effortlessly aligned with the CIT laws and regulations of the UAE, yet allowing your project to incorporate customized rules and calculations easily.

Audit Trail and Documentation

  • Audit trail tracking. Record all financial transactions, tax calculations, and any changes made to them. The feature helps make things more transparent and accountable, which is critical during audits and assessments to ensure everything is correct and legal.
  • Review Process. Make the document review process more efficient. FirstBit ERP. carefully documents all CIT-related activities which ensures your project has access to accurate and reliable data. Consequently, your project can substantiate its position with confidence.
  • Accurate data. Minimize the possibility of non-compliance and validate your corporate income tax stances by utilizing precise and trustworthy information.

Workflow and Collaboration

  • Workflow management. Create levels of approval, streamline notification processes, and closely monitor the advancement of tasks related to corporate income tax.
  • Сollaboration features. Encourage teamwork among stakeholders by simplifying the procedures related to corporate income tax involving multiple individuals.

Deployment Options

Get a Free Demo of FirstBIT ERP

OR Call +971 4 439 6900

Trusted by more than 270 000+ organizations

Latest Blog Posts