UAE Federal Tax Authority Expands Corporate Tax Awareness Efforts with 40 Events in 2024
Abu Dhabi [UAE], August 19: The Federal Tax Authority (FTA) has intensified awareness activities and programs this year to highlight the importance, objectives, procedures and requirements of compliance with the latest effective corporate tax law. Annual and applicable to fiscal years beginning on or after June 1, 2023.
In a press release issued today, the number of participants in corporate tax awareness activities increased to 8,220 in-person and virtual participants in the first six months of 2024, an increase of 9.23 percent compared to 7,520 participants during the same period in 2023.
In addition, the FTA confirmed a significant increase in demand and engagement for corporate tax awareness activities, with surveys indicating that the satisfaction rate of participants in these events will increase from 93 percent to 97.5 percent in the first half of 2024. During the same period last year.
The commission added that a significant number of new awareness programs and activities have been introduced to create awareness among the business sectors on corporate taxation and related issues as per their needs. The number of awareness events organized in H1 2024 increased from just 17 in the same period in 2023 to 40 in-person and virtual events, representing a growth of 135.29 percent, the FTA explained.
“The expansion and diversification of corporate tax awareness activities reflects our commitment at the Central Tax Authority to improve tax culture and focus on corporate taxation,” said FTA Director General Khalid Ali Al Bustani. With authority, it saves effort by using all available channels and channels in all business sectors.
“The FTA will expand the scope of its corporate tax awareness activities to beneficiaries and organize face-to-face workshops across the country, providing comprehensive virtual workshops through our website, videos explaining corporate tax-related law, decisions and practices, infographics and materials,” Al Bustani added.
“This is a continuation of the comprehensive plan that the Commission started when it announced the corporate tax in 2022,” he continued. “Since then, FTA has intensified its efforts at all levels in collaboration with relevant authorities to ensure efficient, accurate and unhindered implementation of the federal mandate-law relating to taxation of corporations and businesses. The Authority prioritizes assisting business sectors in complying with tax systems and procedures and providing flexible processes in line with international best practices.
The FTA Director General invited all stakeholders to participate in the authority’s corporate tax awareness programs, taxpayers subject to corporate tax FTA Decision no. (3) 2024. Effective March 1, 2024.
The central tax authority noted that the increase in corporate tax awareness programs and the significant increase in the number of participants led to the launch of a series of new awareness initiatives and programs this year, as well as the continued expansion of the authority’s core corporate tax. . Awareness activities. .
Key Events Launched in 2024 Launch the second phase of FTA’s comprehensive corporate tax awareness campaign for business sectors, covering various tax-related topics, providing appropriate awareness programs for each segment and using the latest technologies to ensure easy access to information. For taxpayers, corporate tax law helps the business community operate efficiently and accurately.
Six workshops targeting corporate tax service focus groups were conducted in the first half of 2024, workshops for focus groups on corporate tax-related zero government bureaucracy initiative and virtual workshops to clarify corporate tax updates.
The FTA highlighted a series of key topics covered in corporate tax awareness programs in the first half of 2024, including corporate tax registration; FTA decision on deadlines for submission of tax registration applications pursuant to the Federal Decree-Law on Corporate and Business Taxation and its Amendments; creation of tax groups; General Principles of Corporate Taxation; Registration of free zone companies and corporate tax services are available through the Emeratax digital tax service platform.
These events provide detailed explanations of corporate tax law and all relevant rulings, outlining compliance requirements; criteria for determining persons liable to corporate tax and determination of taxable income; applicable rates and tax periods; Small Business Relief Program; The process of implementing the provisions of the Corporate Tax Act relating to taxpayers eligible for the Small Business Relief Scheme, which aims to support start-ups and other small, small and medium enterprises (MSMEs) by reducing corporate tax burdens and compliance costs.
It includes income thresholds and conditions that taxable persons must meet in order to opt for small business relief to facilitate corporate tax compliance and ensure accuracy.