FTA Organises Workshop On Corporate Tax Compliance For Businesses In Ras Al Khaimah
RAS AL KHAIMAH, (UrduPoint / Pakistan Point News / WAM – 28th Sep, 2023) Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA), urged business sectors subject to Corporate Tax to register in the system as soon as possible and play their part in the seamless implementation of the Corporate Tax Law, which is now in force and applies to financial years starting on or after 1st June 2023.
Al Bustani emphasised that early registration allows business sectors ample time to fulfil their tax obligations, asserting that the Authority sought to streamline registration procedures through the EmaraTax digital tax services platform, which is available 24/7, and allows users to complete their registration in minutes following a few simple steps. Taxpayers can also seek assistance from Tax Agents authorised by the FTA, who are listed on the official website. The FTA opened registration for Corporate Tax in May for public joint-stock companies, private joint-stock companies, limited liability companies, and private companies residing in the UAE.
Al Bustani made his remarks during a workshop organised by the Federal Tax Authority in Ras Al Khaimah to raise awareness among business sectors in the emirate about compliance requirements for Corporate Tax. The workshop was attended by Yousef Ali Mohammed, Director-General of the Department of Finance of the Government of Ras Al Khaimah; and Muhammad Hassan Al-Sabab, Acting Director-General of Ras Al Khaimah Chamber of Commerce and Industry, along with officials from various relevant entities in the emirate, and a remarkable turnout of approximately 280 stakeholders.
The workshop in Ras Al Khaimah marked the fourth in-person event in the FTA’s awareness campaign focusing on the ‘The General Principles of Taxation of Corporations and Businesses’, which included a series of workshops in Abu Dhabi, Dubai, and Ajman.
The sessions are set to continue until the end of the year and include business sectors across all seven emirates.
“Our ongoing awareness campaign includes virtual workshops and in-person sessions to reach all stakeholders and taxpayers subject to Corporate Tax,” Al Bustani said. “This is in line with the Authority’s extensive plans to enhance tax awareness among business sectors by maintaining continuous communication. Our goal is to keep them informed of all updates and tax procedures, and to note their feedback in order to ensure compliance with tax legislation.”
“We invite all stakeholders to participate in the “The General Principles of Taxation of Corporations and Businesses’ awareness campaign and encourage them to utilise the educational platform on the Authority’s website, which introduces them to Corporate Tax, provides ongoing support for taxpayers subject to it, and offers informative virtual workshops in Arabic and English covering various aspects of Corporate Tax,” Al Bustani added.
The workshop was led by FTA representatives who provided comprehensive explanations about the Corporate Tax law and the related decisions, compliance requirements, criteria for determining taxable persons and taxable income, applicable tax rates, tax periods, small business relief, Corporate Tax in free zones, tax loss relief, business restructuring relief, provisions for Tax Groups, and other information to facilitate seamless and accurate compliance with Corporate Tax.
The FTA representatives addressed questions from participants, who praised the FTA’s efforts to raise awareness about the UAE tax system and its responsiveness to queries from business sectors.
The Federal Tax Authority invited taxpayers subject to Corporate Tax to access the information and data available through its official website and social media accounts.
