FUJAIRAH, 5th October, 2023 (WAM) The Federal Tax Authority (FTA) is continuing with its awareness campaign covering the general principles of Corporate Tax, which aims to engage directly with business sectors across the UAE to raise awareness about the importance of Corporate Tax and its compliance requirements.
As part of this comprehensive campaign, the FTA held a new workshop in Fujairah, attended by Eng. Mohammed Obaid bin Majid, Director General of the Department of Industry and Economy in the Government of Fujairah, and Sultan Jemei Al Hindasi, General Manager of Fujairah Chamber of Commerce and Industry, along with officials from the public and private sectors.
In a press statement released today, the FTA stated that the workshop was conducted in Arabic with approximately 160 participants who are involved in the implementation of Corporate Tax. The FTA’s team of experts provided a comprehensive presentation on various topics related to the implementation of Corporate Tax in the UAE, including it
s objectives, the legislation and regulations that govern it, relevant decisions, and implementation procedures.
The Fujairah workshop is the fifth in a series of in-person events conducted by the FTA in Arabic and English as part of its campaign across all seven emirates. This forms part of the Authority’s intensive efforts to support and assist taxpayers in voluntary self-compliance with Corporate Tax, presenting them with simple, transparent, and accurate procedures.
The Federal Tax Authority explained that the campaign, which is set to continue until the end of the year, launched in May with a series of virtual workshops on Corporate Tax registration. Meanwhile, the in-person events began in July with the first workshop in Abu Dhabi, followed by a workshop in Dubai, then Ajman, and Ras Al Khaimah.
The FTA revealed that more than 1,780 participants in total took part in its five in-person workshops in less than three months, as part of the campaign on ‘The General Principles of Taxation of Corporations
and Businesses’. These participants represent various business sectors and entities involved in the tax sector. The FTA noted that the campaign is organised in collaboration with relevant entities in both the public and private sectors.
The FTA invited all stakeholders subject to Corporate Tax to participate in its awareness campaign to familiarise themselves with Corporate Tax compliance requirements. The workshops showcase the procedures for implementing Corporate Tax, which is a form of direct tax imposed on corporate and business profits. The tax is levied on legal entities residing in the UAE and natural persons conducting business whose total annual revenues exceed AED 1 million.
Corporate Tax rate in the UAE is competitive and ranks among the lowest in the world. It was introduced to establish an advanced and comprehensive tax system that supports the country’s strategic objectives, boosts its economic competitiveness, and enables it to remain agile enough to navigate and support international financ
ial systems. By implementing Corporate Tax, the UAE reiterates its commitment to international tax transparency standards, as well as to efforts and practices to prevent tax evasion.
The Federal Tax Authority’s statement noted that further information on Corporate Tax, along with relevant updates, guidelines, and educational content can be found on its official website and through the official FTA social media accounts
Source: Emirates News Agency