Representational image.

Sajjad Ahmad, Deputy Business Editor

Dubai: The UAE introduced the federal corporate tax with a standard statutory rate of 9 per cent starting from the financial year beginning on or after June 1. The UAE’s Federal Tax Authority has issued a guide for those who generate income in the country or do business, to help them determine whether they are subject to corporate tax. It is important that businesses and individuals remain updated with latest information to they adhere to the latest rules.

Tally Solutions, a pioneer in the business management software industry, has consistently led the charge in helping businesses meet their compliance obligations, whether it’s VAT or Corporate Tax. Ensuring corporate tax compliance is about streamlining business and accounting operations according to tax regulations.

Vikas Panchal, General Manager - Middle East, Tally Solutions said, “Our latest update TallyPrime 4.0 distinguishes itself with a suite of key features tailored for SMEs. The latest features of TallyPrime 4.0, especially the new Intuitive Dashboards helps entrepreneurs further harness the existing powerful reporting engine along with bringing forth the advantage of unlimited visual data analysis that can be customised to meet the unique requirements of any business. This will help businesses to leverage the additional business demand and transaction flow efficiently. The intuitive and customizable dashboards provide real-time insights into financial metrics, empowering quick and informed decisions.”

Vikas Panchal explained, “Businesses must prioritise the optimisation of their business and accounting operations to align with tax regulations and derive their taxable income. Utilizing appropriate tools and solutions, and seeking guidance from Chartered Accountants, can significantly aid in maintaining compliant records. While there may still be some time left to file for the corporate tax return, it is imperative for businesses to ensure that all necessary data is prepared and readily available.”

He further said, “We at Tally have always taken upon us to see we assist businesses in their compliance journey.  Tally has been a strong advocate of the business community and over the years we have taken several diverse initiatives to simplify their life. Whether tackling VAT or the current focus on corporate tax, we’ve consistently conducted a diverse array of awareness sessions. Collaborating with Compliance Maestros, esteemed domain experts, we ensure thorough education on all pertinent topics. Through strategic partnerships with esteemed organizations like the Institute of Chartered Accountants of India (ICAI), taxation societies, and numerous other influential bodies, we actively facilitate knowledge dissemination within business communities. These concerted efforts empower businesses with the insights and understanding needed to navigate complex compliance landscapes effectively.”

About the Tally’s software, he explained,“ TallyPrime 4.0 envisions to simplify business operations, ensure seamless communication, assist entrepreneurs in taking insightful decisions and ensure they run their business more professionally. The latest release is set to revolutionize how businesses operate and grow, offering entrepreneurs a trusted partner to unlock their full growth potential.

At its core, TallyPrime 4.0 embodies the essence of a comprehensive business management solution.

It promises to simplify and elevate essential functions, including accounting, invoicing, inventory management, compliance and more. With TallyPrime 4.0, businesses can seamlessly harmonize these operations, thereby enhancing overall efficiency and productivity to new heights. Recognizing the need for instantaneous communication in an interconnected world, TallyPrime 4.0 introduces a pioneering feature—integration with WhatsApp for Business. The integration offers the potential for seamless and efficient sharing of reports, invoices, receipts, and other communication with stakeholders making business communication instant, accurate and more professional.”

Another defining feature of TallyPrime 4.0 is its intuitive and powerful dashboard system. Entrepreneurs will find these dashboards invaluable tools for making informed decisions. Similarly, TallyPrime’s effortless data import feature virtually imports any excel document with the simplicity of Tally.

Serving as a trusted compliance partner, TallyPrime 4.0 will not only ease the complexities encompassing e-Invoicing, VAT, corporate tax, filing, audit, detection, and correction, but also provide entrepreneurs with peace of mind regarding their business’s compliance with their country’s regulations.”

About the 2024 plans, Vikas Panchal concluded, “ Committed to providing an unparalleled experience for business owners and users, Tally introduced TallyPrime 4.0 this year to exceed diverse user expectations and adapt to evolving business demands. This launch emphasizes Tally Solutions’ dedication to technological innovation, setting a new standard with cutting-edge features and an easy user experience. With a vision to simplify the lives of SMEs across the globe and assist them to harness technology for streamlined operations and sustainable growth, Tally aims for a 50% customer base growth and a 40% Compound Annual Growth Rate (CAGR) over the next 2-3 years.”