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Page last updated:: Sunday, August 06, 2023

Federal Tax Authority’s Corporate Tax awareness campaign records remarkable turnout from business sectors

Federal Tax Authority’s Corporate Tax awareness campaign records remarkable turnout from business sectors Sunday, August 06,2023

Federal Tax Authority’s Corporate Tax awareness campaign records remarkable turnout from business sectors

 

  • 8,270 stakeholders involved in implementing Corporate Tax attended 22 in-person and virtual workshops organised by the FTA until May 2023.
  • The comprehensive awareness campaign is set to continue till the end of the year covering all seven emirates.
  • H.E. Khalid Al Bustani: The notable turnout at the campaign’s activities reflects business sectors’ commitment to accurately implementing the Corporate Tax law.

 

Abu Dhabi, UAE – 6 August 2023 – The Federal Tax Authority (FTA) highlighted a notable increase in the number of participants joining the workshops organised as part of the comprehensive awareness campaign that it launched in May 2023, and that is set to continue until the end of the year across all seven emirates.

 

The campaign aims to introduce business sectors to Corporate Tax and enable them to comply with the Federal Decree-Law on Taxation of Corporations and Businesses, which came into effect last month (June 2023) and applies to financial years starting on or after 1 June 2023.

 

FTA revealed that more than 8,270 stakeholders involved in implementing Corporate Tax attended 22 in-person and virtual workshops organised by FTA over the past three months (May, June, and July). These included 19 virtual workshops in Arabic and English, which focused on Registering for Corporate Tax, and were attended by 6,927 representatives of public joint-stock companies and resident priVATe companies across the UAE. The virtual workshops were delivered via the dedicated awareness platform that FTA launched to provide information and support to all businesses subject to Corporate Tax. Additionally, FTA organised three in-person workshops in July on the General Principles of Taxation of Corporations and Businesses, held in Abu Dhabi, Dubai, and Ajman, respectively, with 1,343 participants from various business sectors and entities involved in the tax sector.

 

FTA indicated that the awareness campaign it had launched to introduce Corporate Tax builds on the public awareness programme that the UAE Ministry of Finance undertaken between December 2022 and June 2023. The programme included several awareness sessions and panel discussions, offering an overview of the Corporate Tax Law, as well as an explanation of the relating Cabinet Decisions and Ministerial Decisions, along with the positive impact that the implementation of the Corporate Tax law is expected to have on the national economy and the various business sectors in the country. A total of 23 relevant tax decisions were issued, all available for reference on the FTA’s official website.

 

FTA Director General, His Excellency Khalid Ali Al Bustani applauded the notable turnout and the increase in the number of beneficiaries from the in-person and virtual workshops organised by FTA as part of its intensive efforts, in collaboration with all relevant authorities in the government and priVATe sectors, to support taxpayers and facilitate voluntary self-compliance through easy, transparent, and accurate Corporate Tax procedures.

 

“This awareness campaign, which was launched by the Federal Tax Authority and is set to continue until the end of the year, aims to raise awareness about Corporate Tax,” H.E. added. “The remarkable turnout we recorded at the workshops reflects the business sectors’ commitment to be prepared for strict compliance with the Corporate Tax law, which aims to strengthen the UAE’s position as a leading global centre for business and investment. It also underlines FTA's success in providing clear and comprehensive educational content, covering all legislative and procedural matters related to the implementation of the Corporate Tax Law.”

 

“Since the Corporate Tax Law went into effect, FTA has intensified its efforts, in coordination with all relevant entities, to implement clear and seamless procedures, rolling out awareness plans and programmes across various channels and using the most advanced technologies to reach all business sectors, in order to ensure their access to information, and prepare the business community for efficiently implementing the Corporate Tax Law,” H.E. Al Bustani explained.

 

The Federal Tax Authority clarified that its comprehensive awareness campaign aims to familiarise companies with the compliance requirements of the Corporate Tax Law and the important role it plays in advancing the UAE’s position as a sustainable global business and investment hub. FTA aims to motiVATe companies subject to Corporate Tax to register early through the EmaraTax digital tax services platform.

 

FTA indicated that the campaign will continue in the coming period across all seven emirates, holding more virtual and in-person workshops to reach the largest possible number of stakeholders and taxpayers. FTA will also continue to publish educational material through the media and its own social media platforms, as well as other communication channels.

 

FTA went on to note that during the workshops, its tax experts review the fundamentals of the UAE Corporate Tax regime, along with its related policies, legislative procedures, timeline, and flexible implementation procedures. They underline the criteria to determine taxable person and exempt persons, explaining other concepts, such as taxable income, tax rates, and tax periods. Moreover, the FTA experts outline the small business relief, restructuring relief, and tax losses relief, in addition to highlighting transitional rules and provisions for tax groups, among other topics, before answering questions from participants.

 

 

The Federal Tax Authority invited companies subject to the Corporate Tax law to attend the interactive workshops it plans to organise across all seven emirates, and to view the information and data available on the FTA website and official social media accounts.

 

FTA reaffirmed its commitment to responding to all enquiries and providing the necessary knowledge and support to facilitate compliance among taxpayers with the required accuracy.

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