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ABU DHABI – The Ministry of Finance held the first corporate tax public awareness program meeting in Abu Dhabi, attended by key officials as well as representatives from the Ministry of Finance, the Federal Tax Authority (FTA), the Abu Dhabi Chamber of Commerce and Industry, and 350 Various tax experts, business sector representatives and company owners.
The meeting follows the enactment last month of the Federal Decree on Taxation of Companies and Businesses (“Corporate Tax Law”), under which all UAE businesses will start paying corporate tax from the start of their first financial year 2023 On or after June 1.
A 9% tax on taxable profits exceeding AED 375,000 – a rate that will ensure that the UAE’s corporate tax regime is one of the most competitive in the world, which in turn will help strengthen the country As a global financial and commercial center.
The Treasury launched the Corporate Tax Public Awareness Program last month, working to support industries and bring in their expert teams – including corporate finance managers, chief financial officers, legal advisers and specialists, tax auditors and agents, accountants, and Business Owners – The general framework of the law and how to comply with it.
The meeting was attended by Younis Haji Al Khoori, Undersecretary of Finance, and Khalid Ali Al Bustani, Commissioner of the Federal Revenue Authority, with the support of the Abu Dhabi Chamber of Commerce and Industry.
In his speech, Al Khoori said that the UAE corporate tax law embodies the UAE government’s directive and future vision to drive the country’s economic diversification, diversify government revenue sources, serve the community and shape a sustainable future, while strengthening the UAE’s status and their global economic and financial competitiveness.
He noted that, considering the UAE as an active member of the OECD Inclusive Framework for Domestic Taxation, the Ministry has drafted the Corporate Tax Code based on international best practices to support the UAE’s strategic objectives, increase tax transparency and prevent harmful tax practices Base erosion and profit shifting (BEPS).
“Working with our key partners, our team at Treasury has worked hard to launch a public awareness program on corporate tax, which will include organizing a series of face-to-face awareness sessions across the country, in addition to virtual meetings,”
Al Khoori explained, “The objective is to ensure engagement and communication with as many stakeholders as possible and to bring them together to explore the fundamental features and strategic components of the UAE tax system and their impact on business and the national economy “
“The plan is to ensure that companies and businesses are ready to implement and comply with corporate tax regulations. With this in mind, we have brought in a team of specialists and specialists from the Ministry of Finance and the Federal Tax Office to clarify all points related to the corporate tax system , details and procedures, and answer questions from attendees,” he added.
The Deputy Minister of Finance continued to thank the Abu Dhabi Chamber of Commerce and Industry for its cooperation and role in organizing the first corporate tax public awareness programme, which reflects the Chamber’s commitment to supporting the development of various business sectors and playing a role in promoting the UAE as a global economy greater role as a center and as a preferred destination for business and investment.
Khalid Ali Al Bustani, Commissioner of the Federal Revenue Authority, said: “The UAE’s corporate tax system marks an important step towards using tax revenues to drive overall development in the UAE. The Federal Revenue Authority will play a key role in implementing the new system, administering, collecting and enforce the law and all regulations related to corporate taxation, just like all other taxation systems in the UAE.”
“Today’s meeting is particularly important because of its role in raising awareness about the corporate tax system and how to comply with it,” Al Bustani added. “It provides a platform to hear the feedback and opinions of the attendees, taking them into account when implementing the tax system. With this in mind, we will be participating today with our tax experts, accompanied by experts from the Ministry of Finance, They will provide an overview of corporate tax here. This applies not only to this session, but to all upcoming meetings across the country.”
Meanwhile, Abdullah Mohamed Al Mazrouei, Chairman of the Abu Dhabi Chamber of Commerce and Industry, said, “The UAE corporate tax law will help strengthen the country’s position as a global business and investment hub, enabling the UAE to achieve its strategic goals. The law reflects the UAE’s commitment to The commitment to meet the highest standards of transparency acts as an incentive to encourage greater investment in various key economic sectors and paves the way for companies to benefit from the legislative, infrastructural and economic advantages the country must provide.”
“As the voice of the private sector and the entity entrusted with advocating its interests in the emirate, the Abu Dhabi Chamber of Commerce and Industry is committed to educating its private corporate members on the requirements of the corporate tax regime,” Al Mazrouei added, noting the extensive participation in corporate tax public awareness sessions Reflects the growing awareness and commitment of the business community to understand the economic laws and legislation that regulate doing business in the UAE.
The meeting was moderated by experts from the Ministry of Finance, including Shabana Begum, Executive Director, Tax Policy Unit; Fatima Al Sheikh, Director, Tax Policy and Legislation; Rasha Hajj Hussein, Tax Policy and Legislation Expert. An overview of corporate tax law was provided, introducing participants to various aspects of the new regime, including scope, tax rates, key definitions, exempt persons, free zones, administration and timelines.
In addition, panel discussions provided attendees with additional information on key topics such as calculating taxable income, tax exemptions, tax groups, transfer pricing, and the opportunity to ask tax experts directly on many topics related to corporate tax applications.
The conference, the first in a series of face-to-face workshops, will take place in all seven emirates, alongside virtual sessions via the Digital Awareness Platform.
The Corporate Tax Public Awareness Program aims to ensure the dissemination of general and basic awareness of UAE corporate tax laws within the business sector.
While the conference is open to all, the primary target audience includes business leaders from all walks of life, corporate financial managers, chief financial officers, legal advisors and experts, tax auditors and attorneys, accountants and business owners.
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