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Abu Dhabi: More than 350 tax experts, representatives of the business sector and company owners attended the first session of the Ministry of Finance’s corporate taxation public awareness program in Abu Dhabi on Monday.
The session follows the enactment last month of the Federal Decree on Taxation of Companies and Businesses (Corporate Tax Law), under which all UAE businesses will be subject to corporate tax from the start of their first financial year. After June 1, 2023.
Representatives from the Ministry, the Federal Tax Authority (FTA) and the Abu Dhabi Chamber of Commerce and Industry were also present.
The tax rate is 9% on taxable profits exceeding Dh375,000.
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.
The conference, the first in a series of live workshops, will take place in all seven emirates.
Treasury launched the Corporate Tax Public Awareness Program last month, pledging to support business units and introduce their teams of experts – including corporate finance managers, chief financial officers, legal advisers and experts, tax auditors and agents, accountants and corporate Lord – the general framework of the law and how to obey 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 government’s directive and vision to drive diversification of the country’s economy, diversification of government revenue sources, serving the community and shaping a sustainable future, while strengthening the UAE’s position and its global economy and financial competitiveness.
He noted that the Ministry has drafted the law based on international best practices to support the UAE’s strategic objectives, increase tax transparency and prevent harmful tax practices.
“Working with our key partners, our team at Treasury has been working 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.”
“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 implications for business and the national economy.”
Khalid Ali Al Bustani, Commissioner of the Federal Revenue Authority, added: “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, Collect and enforce the law and all regulations related to corporate tax, just like all other tax systems in the UAE.”
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