FTA Advances Corporate Tax Knowledge for SMEs with New Workshop in Ras Al Khaimah
The Federal Tax Authority (FTA) is steadfast in its commitment to enhancing Corporate Tax understanding across the UAE, particularly among small and medium-sized enterprises (SMEs). As part of its ongoing Corporate Tax Awareness Campaign, the FTA recently hosted a focused workshop in Ras Al Khaimah, marking a significant step in the second phase of this educational initiative.
Engaging SMEs in Tax Compliance
The workshop in Ras Al Khaimah is one of several events aimed at deepening the knowledge of Corporate Tax laws among SMEs, a sector vital to the UAE’s economy. This session attracted over 200 SME representatives, reflecting a strong interest and proactive engagement in understanding tax obligations and facilities available under the new Corporate Tax Law, which has been applicable since June 2023.
Key Workshop Highlights
During the workshop, FTA experts provided detailed insights into the Corporate Tax Law, discussing critical aspects such as tax obligations, compliance requirements, and the specific facilities designed to support small businesses. The session was interactive, with FTA representatives addressing various queries from participants, ensuring a comprehensive understanding of the law’s implications for SMEs.
Continuous Support and Resources
The FTA’s dedication to supporting SMEs is evident in its strategic approach to tax education. The authority has rolled out the Muwafaq Package, which includes a suite of services and incentives tailored to ease tax compliance for SMEs. This initiative is part of the FTA’s broader goal to foster a conducive environment for entrepreneurship and innovation within the UAE’s dynamic economy.
Importance of Timely Tax Registration
The FTA also took this opportunity to remind all Corporate Taxpayers, especially those with licenses issued in January and February, of the importance of timely tax registration. Adhering to the registration deadline of 31 May 2024 is crucial to avoid any potential administrative penalties.
Conclusion
The FTA’s ongoing Corporate Tax Awareness Campaign is a testament to its commitment to ensuring that all sectors, especially SMEs, are well-equipped to meet their tax obligations. By providing targeted workshops and comprehensive resources, the FTA is not only enhancing tax compliance but also supporting the growth and sustainability of vital economic sectors in the UAE.
