The Federal Tax Authority (FTA) held the second awareness workshop on “The General Principles of Taxation of Corporations and Businesses” in Dubai, as part of a series running until the end of the year.
The workshop attracted a notable turnout with more than 600 businesses from various sectors attending.
The workshops are part of a comprehensive campaign to raise awareness of Corporate Tax among the UAE's business sectors and provide continuous educational support to taxpayers. The campaign is an extension of FTA's efforts in collaboration with the relevant parties to spread corporate tax awareness and reach out to as many taxpayers as possible to provide them with the necessary information and answer their queries.
FTA Director-General Khalid Ali Al Bustani said,
“Today's workshop attracted a significant number of business representatives, which reflects the importance of FTA's efforts in disseminating the necessary information and clarification on the implementation of the Corporate Tax Law, ensuring taxpayers are prepared to meet their tax obligations.”
“The awareness workshops and activities are part of a comprehensive educational campaign we launched upon the implementation of Corporate Tax, showcasing our commitment to creating an enabling business environment that underpins the UAE's economic growth and global competitiveness. Our objective is to continue providing taxpayers with the information they need, promote self-compliance, and enhance the flexibility of our tax procedures,"
he added.
During the workshop, FTA representatives highlighted the importance of introducing the UAE's competitive corporate tax regime, designed based on best international standards and practices. The speakers emphasised the role of this taxation system in enhancing the UAE's status as a global hub for business and investment and promoting the strength of its financial and economic model.
The FTA representatives outlined the basic elements of the UAE corporate tax regime and the relating policies and regulations. The presentations included a detailed explanation of corporate tax timelines and tax periods and FTA's flexible mechanisms for implementing the Corporate Tax Law through clear and seamless procedures that ensure business continuity and support compliance in line with best global tax practices.
Among the key topics covered during the workshop were the conditions for determining taxable persons and exempt persons, corporate tax rates and tax periods. In addition, the workshop highlighted the Small Business Relief designed to support start-ups and other small or micro businesses to be treated as having no Taxable Income where their revenue in the relevant tax period and previous tax periods is below AED 3 million.
Other topics included corporate tax in free zones; determination of taxable income; transitional rules; taxable businesses and business activities of individuals; Permanent Establishment for the non-resident person, conditions for forming a Tax Group, tax loss relief, business restructuring relief; and corporate tax compliance requirements. FTA representatives also answered participants’ enquiries about Corporate Tax.
FTA 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 also includes 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 coming months in both Arabic and English.
News Source: Emirates News Agency
