emirates7 - The Federal Tax Authority (FTA) conducted its third awareness workshop in Sharjah, focusing on small and medium-sized enterprises (SMEs) as part of its ongoing campaign to educate various business sectors about Corporate Tax. This workshop is designed to provide continuous support to taxpayers and facilitate the effective implementation of the Corporate Tax Law, which applies to financial years commencing on or after June 1, 2023.
In a press release, the FTA noted that this workshop is part of the campaign's second phase, which began in February and will continue until the end of the year. The initiative includes a variety of events, as well as in-person and virtual workshops across all emirates, addressing numerous tax-related topics.
The primary goal of these sessions is to inform taxpayers about the legislation, requirements, and procedures for Corporate Tax compliance through tailored educational programs. This ensures taxpayers have easy access to necessary information and encourages the business community to implement the Corporate Tax Law effectively and accurately.
The recent workshop saw strong participation, with around 550 representatives from various SMEs in attendance. FTA officials provided a comprehensive overview of Corporate Tax principles and the available facilities for SMEs.
The session covered tax obligations, benefits for SMEs, and detailed explanations of Corporate Tax Law and relevant decisions. It outlined compliance requirements, the registration process via the EmaraTax digital platform, criteria for determining taxable individuals and income, applicable rates and tax periods, and details on the Small Business Relief program, which aims to ease the Corporate Tax burden for startups and micro, small, and medium enterprises (MSMEs).
FTA representatives explained the revenue thresholds and conditions for opting into the Small Business Relief program, including provisions for carrying forward tax losses and non-deductible net interest expenses, all intended to assist with Corporate Tax compliance and accuracy. Attendees were also given the opportunity to ask questions.
The FTA reminded resident juridical persons with licenses issued in August and September (regardless of the year) to submit their Corporate Tax registration applications by October 31, 2024, to avoid administrative penalties. The authority emphasized the importance of adhering to the specified registration deadlines outlined in its decisions and encouraged taxpayers to consult its official website and social media for additional information.
In a press release, the FTA noted that this workshop is part of the campaign's second phase, which began in February and will continue until the end of the year. The initiative includes a variety of events, as well as in-person and virtual workshops across all emirates, addressing numerous tax-related topics.
The primary goal of these sessions is to inform taxpayers about the legislation, requirements, and procedures for Corporate Tax compliance through tailored educational programs. This ensures taxpayers have easy access to necessary information and encourages the business community to implement the Corporate Tax Law effectively and accurately.
The recent workshop saw strong participation, with around 550 representatives from various SMEs in attendance. FTA officials provided a comprehensive overview of Corporate Tax principles and the available facilities for SMEs.
The session covered tax obligations, benefits for SMEs, and detailed explanations of Corporate Tax Law and relevant decisions. It outlined compliance requirements, the registration process via the EmaraTax digital platform, criteria for determining taxable individuals and income, applicable rates and tax periods, and details on the Small Business Relief program, which aims to ease the Corporate Tax burden for startups and micro, small, and medium enterprises (MSMEs).
FTA representatives explained the revenue thresholds and conditions for opting into the Small Business Relief program, including provisions for carrying forward tax losses and non-deductible net interest expenses, all intended to assist with Corporate Tax compliance and accuracy. Attendees were also given the opportunity to ask questions.
The FTA reminded resident juridical persons with licenses issued in August and September (regardless of the year) to submit their Corporate Tax registration applications by October 31, 2024, to avoid administrative penalties. The authority emphasized the importance of adhering to the specified registration deadlines outlined in its decisions and encouraged taxpayers to consult its official website and social media for additional information.