UAE Federal Tax Authority launches comprehensive campaign to raise awareness on Corporate Tax among businesses

UAE

The Federal Tax Authority (FTA) launched a comprehensive awareness campaign, that to raise awareness of businesses and companies about the UAE Corporate Tax, providing ongoing support to taxpayers. This is part of FTA’s efforts in collaboration with the relevant parties to ensure a seamless implementation of Federal Decree-Law on the Taxation of Corporations and Businesses which entered into effect last month and applies to financial years beginning on or after 1 June 2023.

FTA held the first awareness workshop on ‘The General Principles of Taxation of Corporations and Businesses’ in Abu Dhabi. The workshop which is a part of a series to be conducted until the end of the year, attracted wide interest and interaction from over 400 participants representing businesses and companies concerned with corporate tax.

The campaign comprises a series of awareness sessions and workshops across all emirates where FTA representatives give presentations of legislations and processes that support self-compliance with the Corporate Tax Law.

The FTA Director General, His Excellency Khalid Ali Al Bustani, said: “This corporate tax campaign reflects FTA’s continuous commitment to reaching the relevant business sectors through all possible channels to spread tax awareness and provide information to all business segments proactively, saving them the time and effort in contacting FTA.”

Al Bustani added: “This step is part of the comprehensive plan that FTA has begun executing since the implementation of Corporate Tax in the UAE. FTA has intensified its efforts at all levels in cooperation with the relevant parties to ensure efficient, precise and smooth procedures for the implementation of the Law with no impact on business operations. Assisting business sectors to comply with tax regulations and procedures through flexible mechanisms in accordance with global best practices is a top priority for FTA.”

The FTA Director General explained that FTA’s plan to execute the federal decree law, which aims to cement the UAE’s position as a leading global hub for business and investment, includes the launch of corporate tax on the EmraTax digital tax services platform for public and private joint stock companies, resident in the UAE, in addition to launch of a dedicated ‘Corporate Tax Virtual Workshops’ awareness platform, designed to provide knowledge and support for businesses that are subject to Corporate Tax.”

The FTA Director General invited all businesses and individuals subject to Corporate Tax to take part in the awareness workshops on ‘The General Principles of Taxation of Corporations and Businesses’, asserting that early registration allows companies and businesses enough time to meet all of their legal obligations.

FTA explained that its awareness campaign on ‘The General Principles of Taxation of Corporations and Businesses’ will include a series of in-person workshops all around the UAE, in addition to an integrated set of virtual workshops that will be launched in the upcoming months through its website. The workshops present content designed to raise awareness about Corporate Tax in both Arabic and English, along with a detailed explanation of the Corporate Tax system’s general principles, regulatory decisions, and various tax procedures.

The workshops are led by FTA representatives who outline the basic elements of the UAE’s Corporate Tax system, the procedures for implementing it, the definitions and criteria for Taxable Persons, Exempt Persons, and Taxable Income. They also highlight Corporate Tax rates, tax periods, facilities for small businesses, Corporate Tax in free zones, tax loss relief, and business restructuring relief, provisions for tax groups, Corporate Tax compliance requirements, and other information to help Taxable Persons comply with Corporate Tax. FTA representatives also answer participants’ enquiries about Corporate Tax.

The workshop schedule and details can be viewed through this link: https://rb.gy/jhmli.

For more information on Corporate Tax, educational materials, and guidelines, follow the FTA’s accounts on all social media platforms and visit the FTA’s official website.