Campaign To Inform About Corporate Taxation.
The Federal Tax Authority has launched a campaign to inform the general public about corporate taxation.
To assist taxpayers in understanding and upholding their legal responsibilities under the Corporate Tax Law, the Federal Tax Authority (FTA) has announced the beginning of a public awareness campaign. The Federal Tax Administration’s (FTA’s) efforts to ensure a seamless implementation of Federal Decree-Law No.47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax Law”), which is applicable to fiscal years beginning on or after 1 June 2023, are included in this.
The campaign expands upon the Corporate Tax Public Awareness Program that the UAE Ministry of Finance ran between December 2022 and June 2023, which featured a number of panel discussions and awareness sessions aimed at providing an overview of the Corporate Tax Law upon its issuance as well as outlining the main aspects of the pertinent cabinet and ministerial decisions and their effects on businesses and corporations.
In order to maximize awareness and reach as many taxpayers as possible, the FTA public awareness campaign consists of a variety of events, including a series of physical and virtual awareness workshops to be hosted around the UAE and online commencing on 12 July 2023. The workshops highlight FTA’s crucial position as the competent body in charge of the management, collection, and enforcement of federal taxes.
This awareness campaign brings in a new era of business community preparation for the Corporate Tax Law’s implementation and compliance in a way that upholds confidence in both the UAE’s tax system and the FTA’s tax administration in accordance with worldwide best practices.
corporations and other businesses must pay a direct tax on their tax-adjusted net profits, known as corporate tax. corporate tax is a new system for some taxable individuals, such as micro and small firms that might not be registered for VAT, and they may need aid and direction to understand their obligations. Through adaptable, effective, and open policies and procedures, FTA promotes voluntary compliance with the Corporate Tax Law, the official continued.
With the introduction of corporate tax in the UAE, FTA has stepped up its efforts, working with the necessary authorities, to create adaptable and precise mechanisms to implement the new regime based on the highest international standards, ensuring a setting that supports business growth, attracts investments, and strengthens the UAE economy.
Public joint stock firms, private shareholding businesses, and other private corporations will be able to register for corporate tax from May 15, 2023, according to a previous announcement from the FTA. Registration for other taxable persons’ sectors will become available at a later date. In order to demonstrate how to register for Corporate Tax via the EmaraTax platform, FTA has already held and will continue to host a series of webinars on corporate tax registration.