The Federal Tax Authority (FTA) has announced the launch of a public awareness campaign to help taxpayers understand and meet their obligations under the Corporate Tax Law.
This is part of FTA's efforts to ensure a smooth implementation of Federal Decree-Law No.47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax Law”) which applies to financial years beginning on or after 1 June 2023.
The campaign builds on the Corporate Tax Public Awareness Program ran by the UAE Ministry of Finance between December 2022 and June 2023 with several awareness sessions and panel discussions focused on giving an overview of the Corporate Tax Law upon its issuing as well as clarifying the key features of the relating cabinet and ministerial decisions and their impact on businesses and corporations.
The FTA public awareness campaign includes a range of activities, with a series of physical and virtual awareness workshops to be held across the UAE and online starting from 12 July 2023 to maximise awareness and reach as many taxpayers as possible. The workshops reflect FTA's key role as the competent authority responsible for the administration, collection, and enforcement of federal taxes.
FTA Director General, Khalid Ali Al Bustani, said,
“FTA has a central role and vested interest in ensuring that taxpayers and other parties understand their obligations under the Corporate Tax Law. This awareness campaign marks the beginning of a new era of preparing the business community to implement and comply with the Corporate Tax Law in such a manner that will sustain confidence in the UAE's tax system as well as the FTA's tax administration in line with international best practices."
The FTA Director General noted that Corporate Tax is a direct tax levied on the tax adjusted net profit of corporations or other businesses.
"We understand that for some taxable persons, like micro and small businesses that may not be registered for VAT, Corporate Tax is a new regime, and they may need assistance and guidance to understand their obligations. FTA encourages voluntary compliance with the Corporate Tax Law through flexible, efficient, and transparent policies and procedures,"
he added.
With the launch of Corporate Tax in the UAE, FTA has intensified its efforts, in collaboration with the relevant authorities, to develop flexible and accurate mechanisms to implement the new regime based on the highest global standards, ensuring an environment that underpins business growth, attracts investments, and boosts the UAE economy.
FTA had previously announced the opening of Corporate Tax registration for Public Joint Stock Companies, Private Shareholding Companies, and other private companies on 15 May 2023, noting that registration for other taxable persons’ segments will be available at a later stage. FTA has also conducted a series of corporate tax registration webinars in the past few weeks, and is continuing to hold these, to showcase the steps to register for Corporate Tax on the EmaraTax platform.
FTA is inviting all taxable persons and representatives to join the upcoming workshops, which will focus on General Corporate Tax Principles. The workshops’ schedule and details can be viewed through this link: https://rb.gy/jhmli
News Source: Emirates News Agency
