(MENAFN- Emirates News Agency (WAM))
AJMAN, 22nd June, 2022 (WAM) -- Ajman Free Zone has recorded a significant increase of 33 percent in the number of corporate tax institutions, offering a wide range of financial and tax consultancy services, as it continues to witness an influx in corporate tax companies in line with implementing the UAE Federal Corporate Tax in 2023.
Ali AlSuwaidi, Director-General of Ajman Free Zone, stated that the Federal Corporate Tax will become applicable in 2023, and is believed to propel the country forward.
'Businesses are expected to align their relevant processes in order to ensure full compliance with the new law, and will need the assistance of specialised tax advisory firms specialising in this domain. As a global business hub, Ajman Free Zone is prepared to address these requirements with innovative solutions and cost-effective packages, while facilitating growth opportunities for tax advisory companies. Moreover, we recognise the importance of these entities to enhance our performance and ensure compliance with federal regulations.
'In addition, the introduction of the corporate tax is set to position the UAE as an attractive destination for foreign direct investments. This will drive us to help companies grow and expand, streamline their business processes, and attract more foreign investors who can benefit from the competitive advantages of Ajman, one of the region's top investment destinations,' he added.
AlSuwaidi affirmed that this growth is a strong indication of the increasing confidence of the business community in the free zone's offerings. To sustain this confidence and trust, Ajman Free Zone will continue to empower companies through its world-class facilities, incentives, and comprehensive support as one of the region's business and investment hubs.
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