Sharjah’s Business Community Embraces Corporate Tax Awareness with FTA Workshop
In an effort to foster tax compliance and education, the Federal Tax Authority (FTA) held a pivotal Corporate Tax awareness workshop expressly for Sharjah’s business community. This initiative underscores the FTA’s drive to ensure that businesses across the emirate are well-prepared to meet their tax obligations with precision and ease.
A Call for Early Registration
His Excellency Khalid Ali Al Bustani, Director General of the FTA, highlighted the significance of early registration for Corporate Tax during the workshop held on November 6, 2023. He urged businesses to take proactive steps to understand and fulfill their tax duties under the recently enforced UAE Corporate Tax Law, applicable to financial years commencing on or after June 1, 2023.
Streamlined Tax Registration on EmaraTax
His Excellency detailed the straightforward process for registering both natural and legal persons for Corporate Tax via the EmaraTax platform, accessible around the clock. The platform caters to a wide array of business structures, including public and private joint-stock companies, limited liability companies, and private enterprises operating within the UAE.
Unveiling the Awareness Campaign
The Sharjah workshop is a key part of the FTA’s extensive campaign to enlighten the business sector about Corporate Tax. Esteemed attendees included HE Mohammed Meer Abdul Rahman Al Sarrah, Director of Ports and Customs at the Sharjah Ports, Customs and Free Zones Authority, Mr. Ahmed Alqaseer, CEO of Shurooq, and Mariam Al Shamsi, Assistant Director General at Sharjah Chambers, alongside various emirate officials.
Educational Support and Seamless Implementation
Continuing its educational mission, the FTA persists in its collaboration with relevant entities to facilitate a smooth and accurate roll-out of the Corporate Tax Law. The campaign spans numerous live and virtual workshops, drawing significant participation from the business community.
Spotlight on Tax Principles and Compliance
The FTA’s campaign is designed to illuminate the principles of corporate and business taxation in the UAE, emphasizing the Corporate Tax Law and crucial decisions that govern taxpayer compliance. The workshop in Sharjah, marking the sixth in-person event, welcomed over 370 representatives from the local business sector.
Comprehensive Workshop Topics
The workshop series delves into essential subjects, including:
- Identifying taxable and exempt persons
- Corporate Tax rates and periods
- Small Business Relief
- Taxation within free zones
- Calculating taxable income
- Transitional provisions
- Tax considerations for individual business activities
- Non-resident tax stipulations
- Group taxation
- Tax loss and business restructuring reliefs
Embracing the EmaraTax Platform
The FTA team provided insights into the EmaraTax platform, emphasizing its user-friendly nature for completing tax registrations. They also pointed attendees to the list of FTA-approved Tax Agents, who can offer additional support.
Leveraging FTA’s Online Resources
Participants were also encouraged to utilize the FTA’s online webinars, which offer comprehensive support and education on Corporate Tax in both Arabic and English. These virtual workshops aim to cover various facets of Corporate Tax comprehensively.
Engaging with the Business Community
During the interactive session, the FTA team addressed questions, earning appreciation from attendees for their dedication to raising awareness and responding to the business community’s inquiries.
In Conclusion
The FTA’s commitment to Corporate Tax education is clear as it continues to support UAE businesses with necessary tools and information. The authority welcomes businesses and individuals to utilize the wealth of resources available to ensure compliance and understanding of the UAE tax system.
