FTA Continues to Educate on Corporate Tax Principles with New Workshop in Fujairah
The Federal Tax Authority (FTA) is vigorously continuing its nationwide campaign to enhance understanding of the general principles of Corporate Tax. This initiative is designed to directly engage with various business sectors across the UAE, emphasizing the importance of compliance and the fundamentals of Corporate Tax.
Expanding Tax Awareness Across the Emirates
As a part of its ongoing efforts, the FTA organized a freshly conducted workshop in Fujairah, which was attended by notable figures including His Excellency Eng. Mohammed Obaid bin Majid, Director General of the Department of Industry and Economy of Fujairah, and H.E. Sultan Jemei Al Hindasi, General Manager of the Fujairah Chamber of Commerce and Industry. The event also saw participation from various officials from the public and private sectors.
Workshop Dynamics and Reach
The workshop, conducted in Arabic, drew approximately 160 participants who are actively involved in the implementation of Corporate Tax. The FTA’s team of experts delivered an in-depth presentation covering the objectives, governing legislation, relevant regulations, and procedural aspects of Corporate Tax in the UAE.
This Fujairah event is part of a broader series that has been organized across all seven emirates, reflecting the FTA’s commitment to supporting taxpayers in their journey towards voluntary self-compliance by providing clear, transparent, and precise guidelines.
Milestones of the Awareness Campaign
Since the inception of these in-person events in July, the campaign has successfully engaged over 1,780 participants through five major workshops conducted in both Arabic and English. These events are part of a structured series that began with virtual workshops on Corporate Tax registration earlier in May.
Collaborative Efforts for Wider Impact
The campaign is a collaborative effort with various entities in the public and private sectors, designed to ensure that all stakeholders are well-equipped to understand and fulfill their Corporate Tax obligations. The FTA urges all relevant stakeholders to participate actively in these educational sessions to fully grasp the compliance requirements of Corporate Tax.
Significance of Corporate Tax in the UAE
Corporate Tax is a direct tax imposed on the profits of corporations and businesses. It applies to legal entities and natural persons engaged in business whose annual revenues exceed AED 1 million. This tax framework is among the most competitive globally and plays a crucial role in supporting the UAE’s strategic objectives, enhancing economic competitiveness, and aligning with international financial systems and tax transparency standards.
Preventing Tax Evasion
By implementing Corporate Tax, the UAE reaffirms its dedication to international tax transparency standards and the global effort to prevent tax evasion, ensuring a fair and sustainable tax environment.
Conclusion
The Federal Tax Authority’s diligent efforts to spread Corporate Tax awareness through targeted workshops demonstrate an unwavering commitment to tax education and compliance. These workshops not only educate stakeholders about tax obligations but also reinforce the UAE’s position in maintaining a transparent and efficient tax system.
