Treasury explains corporate tax timetable

The UAE Ministry of Finance held a virtual conference as part of its Corporate Tax Public Awareness Programme, which was attended by more than 800 business representatives, tax experts, accountants and company owners from across the country.

Following the enactment of the Federal Corporations and Corporations Taxation Act (“Corporation Tax Act”) last month, the ministry launched the initiative to raise awareness about the new tax.

The conference was the third and the first to be held online for the Corporate Tax Public Awareness Programme. The ministry had previously organized two meetings, the first in the capital Abu Dhabi and the second in Dubai.

Holding a virtual meeting under the plan is part of the ministry’s commitment to reach out to as many entrepreneurs, tax experts and representatives of companies operating in all emirates of the UAE as possible in order to introduce them to the new law and help them understand the details and implementation of the new tax regime, in order to Ensure compliance.

The session consisted of presentations followed by a panel discussion with tax experts from the Ministry of Finance, including Shabana n Begum, Executive Director, Tax Policy Department; Fatima Al Sheikh, Head, Tax Policy and Legislation; Thuraya Al Hashemi, Director, International Tax Department, and Rasha Begum, Tax Policy and Legislation Specialist. Hajj Hussein.

Attendees had the opportunity to ask questions, which were answered and discussed by members of the Ministry’s team.

In addition, the meeting highlighted key elements and features of the corporate tax regime, including tax rates, corporate tax administration for UAE residents and non-residents, treatment of unincorporated partnerships, and family foundations and trusts.

The meeting also clarified the status of tax-exempt persons, companies operating in the free zone, and corporate tax administration, such as registration, financial statements, maintenance of financial records, penalties, transfer pricing, tax relief, etc.

Also on the list of topics discussed were the timetable for corporate tax, which has been extended by more than two years to prepare; general anti-abuse rules; support for small businesses, and the Treasury and Federal Tax Agency (FTA) Roles and responsibilities in implementing the new tax regime.

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