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Friday, July 12, 2024

FTA launches corporate tax public awareness campaign


The Federal Tax Agency (FTA) has announced the launch of a public awareness campaign to help taxpayers understand and meet their obligations under corporate tax law.

This is part of the FTA’s efforts to ensure the smooth implementation of Federal Decree No. 47 of 2022 on corporate and corporate taxation (“Corporate Tax Act”), which applies to financial years commencing on or after 1 June 2023.

The campaign builds on the Corporate Tax Public Awareness Program run by the UAE Ministry of Finance between December 2022 and June 2023, with a number of awareness sessions and panel discussions focused on outlining the post-publication of the Corporate Tax Code and clarifying its main Features relevant cabinet and ministerial decisions and their impact on businesses and companies.

The FTA public awareness campaign comprises a series of events, from 12 July 2023, a series of physical and virtual awareness workshops will be held across the UAE and online to maximize awareness and reach as many taxpayers as possible. These workshops reflect the FTA’s key role as the competent agency responsible for administering, collecting, and enforcing federal taxes.

Khalid Ali Al Bustani, Director General of the FTA, said: “The FTA has a central role and a vested interest in ensuring that taxpayers and other parties understand their obligations under corporate tax law. This campaign marks the beginning of a new era as the business community prepares to implement and comply with corporate tax laws to maintain confidence in the UAE tax system and that FTA tax administration is in line with international best practice.”

The director-general of the FTA pointed out that corporate tax is a direct tax levied on the tax-adjusted net profit of enterprises or other enterprises. “We understand that for some taxpayers, such as micro and small businesses who may not be registered for VAT, corporate tax is a new regime and they may need help and guidance to understand their obligations. FTAs ​​encourage voluntary compliance by businesses The tax code adopts flexible, efficient and transparent policies and procedures,” he added.

With the introduction of the UAE corporate tax, the FTA stepped up its efforts to work with the relevant authorities to develop flexible and precise mechanisms to implement the new regime based on the highest global standards, ensuring an environment that supports business growth and attracts businesses. Invest and boost the UAE economy.

The FTA had previously announced the opening of corporate tax registration for public joint stock companies, private joint stock companies and other private companies on May 15, 2023, noting that registration for other taxable sectors would be opened at a later stage. The FTA has also hosted a series of corporate tax registration webinars over the past few weeks and will continue to host these webinars, showing the steps involved in registering for corporate tax on the EmaraTax platform.

The FTA invites all taxpayers and representatives to attend an upcoming seminar that will focus on general corporate tax principles. The schedule and details of the seminars can be viewed via the link below: https://rb.gy/jhmli

Muhammad Amir / Tariq Al Faham


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