Federal Tax Authority Continues Corporate Tax Awareness Campaign with Ras Al Khaimah SME Workshop

Federal Tax Authority Continues Corporate Tax Awareness Campaign with Ras Al Khaimah SME Workshop 

The Federal Tax Authority (FTA) persists in its mission to educate various entities on Corporate Tax, marking the continuation of its awareness campaign's second phase. This initiative aims to instill a tax-conscious culture among businesses. Collaborating with relevant entities, the FTA endeavors to ensure compliance with the Corporate Tax Law, effective since June 2023, applying to financial years beginning on or after 1 June 2023.

In a recent press release, the FTA highlighted the success of its second workshop, tailored for small and medium-sized enterprises (SMEs) in Ras Al Khaimah. This workshop, part of the ongoing awareness campaign launched in February 2023, saw significant engagement from SME representatives, with 200 attendees. The session focused on elucidating 'Obligations and facilities for small businesses under the Corporate Tax Law.'

Emphasizing its commitment to compliance, the FTA underscored the integrated strategy guiding its Corporate Tax awareness campaign. The campaign, set to run until the close of 2024, features specialized events, programs, and workshops catering to various taxpayer categories and sectors. Through these initiatives, the FTA aims to furnish clear, comprehensive content covering all pertinent Corporate Tax legislation and procedures.

Zahra Al Dahmani, Director of Taxpayer Services at the FTA, lauded the widespread participation in the FTA's workshops, indicative of businesses' dedication to upholding the Corporate Tax Law. Al Dahmani affirmed the FTA's role in fostering tax awareness and facilitating direct communication between stakeholders and taxpayers.

Recognizing the vital role SMEs play in the UAE's economic landscape, the FTA reiterated its commitment to supporting this sector. It highlighted the Muwafaq Package, tailored to ease tax compliance for SMEs, as part of its broader efforts to cultivate a vibrant economy.

The Ras Al Khaimah workshop provided comprehensive insights into Corporate Tax Law, compliance requirements, and facilities available to small businesses. FTA representatives elucidated various aspects, including taxable income, applicable rates, and eligibility criteria for small business facilities. Additionally, attendees received clarification on tax loss carry-forwards and non-deductible expenses.

The FTA urged Corporate Taxpayers, particularly those with licenses issued in January and February, to promptly register for Corporate Tax to avoid penalties. The deadline for such registrations is 31 May 2024.

Through its ongoing awareness initiatives and support programs, the FTA strives to empower businesses to navigate Corporate Tax requirements effectively, fostering a conducive environment for economic growth and innovation.

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