Abu Dhabi [UAE]August 19 (ANI/WAM): The Federal Tax Authority (FTA) has intensified awareness-raising activities and events this year to highlight the importance, objectives, procedures and requirements of compliance with the Corporate Tax Law, which came into force last year and is applicable for financial years beginning on or after June 1, 2023.
In a press release issued today, the FTA revealed that the number of participants taking part in corporate tax awareness activities, both in person and virtually, increased to 8,220 across all emirates in the first half of 2024, up 9.23% from the 7,520 participants in the same period in 2023.
Additionally, the FTA revealed that it has seen a significant increase in demand for and participation in its corporate tax awareness activities, conducting a survey which showed that participant satisfaction with these events soared to 97.5% in the first half of 2024, up from 93% during the same period last year.
The authority further added that a number of new awareness programs and activities have been introduced in line with requirements to educate the business sector on corporate tax and related topics.The FTA explained that the number of awareness events it held in the first half of 2024 increased significantly from just 17 in the same period in 2023 to 40, both in-person and virtual events, indicating a significant growth of 135.29%.
Khalid Ali Al Bustani, Director-General of the FTA, said: “The expansion and diversification of corporate tax awareness activities reflects our commitment by the Federal Tax Authority to use all available means and channels to promote tax culture in all business sectors, with a focus on corporate tax in particular, and enable companies to save time and effort when engaging with authorities.”
“The FTA will continue its efforts to expand the reach of beneficiaries of its corporate tax awareness activities by holding face-to-face workshops across the country as well as providing comprehensive virtual workshops through its website, which also provides a wide range of guides, videos, infographics and materials explaining corporate tax laws, decisions and procedures,” Al Bustani added.
“This is a continuation of the comprehensive plan launched by the authorities when the corporation tax was announced in 2022,” he continued. “Since then, the FTA has worked with the relevant authorities to intensify efforts at all levels to ensure efficient, accurate and seamless implementation of federal legislation on corporate and business taxation. The authorities have prioritized providing flexible processes in line with international best practices and helping the business sector comply with tax systems and procedures.”
The FTA Secretary-General called on all stakeholders to participate in the Authority’s corporate tax awareness events and urged taxpayers subject to corporate tax to submit their registration applications within the deadline specified in FTA Decision No. (3) of 2024, which came into effect on March 1, 2024.
The Federal Tax Authority attributes the increase in corporate tax awareness events and the significant increase in the number of participants to the launch of a series of new awareness activities and programs this year, as well as the continued expansion of the Authority’s main corporate tax awareness activities.
Key events being rolled out in 2024 include the launch of the second phase of FTA’s comprehensive corporate tax awareness campaign for the business sector. The campaign will cover a range of tax-related topics, provide tailored awareness programs for each category, and employ the latest technology to provide taxpayers with easy access to information, supporting the business community in implementing the corporate tax law efficiently and accurately.
In the first half of 2024, six focus group workshops on corporate tax services were held, as well as a focus group workshop focusing on the Zero Government Bureaucracy Programme relating to corporate tax, and a series of virtual workshops to provide clarity on corporate tax updates.
The FTA highlighted a series of key topics covered at its corporate tax awareness events in the first half of 2024, including corporate tax registration, FTA’s decision on the deadline for submitting tax registration applications under the Federal Corporate Tax Law and its amendments, creation of a tax group, general principles of corporate tax, registration of free zone companies, and corporate tax services available through the EmaraTax digital tax services platform.
The events provided a comprehensive explanation of the Corporation Tax Law and all related decisions, outlining the compliance requirements, the criteria for determining corporate tax payable persons and designating taxable income, the applicable tax rates and tax periods, the Small Business Relief Programme, and the process for implementing the provisions of the Corporation Tax Law relevant to taxpayers eligible for the Small Business Relief Programme. The Small Business Relief Programme is aimed at supporting start-ups and other micro, small and medium enterprises (MSMEs) by reducing their corporate tax burden and compliance costs.
Other contents include the revenue thresholds and conditions that taxpayers must meet to opt for the SME tax relief, and other information to facilitate corporate tax compliance and ensure accuracy. (ANI/WAM)