Abu Dhabi, UAE – The conditions determining taxable and exempt persons, corporate tax rates and tax periods. were highlighted at the second workshop on the recently launched corporate tax organized by the UAE Federal Tax Authority (FTA) here on Wednesday.
Other key topics covered during the workshop included the Small Business Relief designed to support start-ups and other small or micro businesses. They will not be taxed if their revenue in the relevant tax period and previous tax periods is below AED 3 million ($0.81 million).
The topics included corporate tax in free zones; determination of taxable income; transitional rules; taxable businesses and business activities of individuals; Permanent Establishment for the non-resident person, conditions for forming a Tax Group, tax loss relief, business restructuring relief; and corporate tax compliance requirements. FTA representatives also answered participants’ enquiries about Corporate Tax.
The FTA representatives highlighted the importance of introducing the UAE’s competitive corporate tax regime, based on best international standards and practices. The speakers emphasized the role of this taxation system in enhancing the UAE’s status as a global hub for business and investment and promoting the strength of its financial and economic model.
They also outlined the basic elements of the UAE corporate tax regime and the related policies and regulations. The presentations included a detailed explanation of corporate tax timelines and tax periods and FTA’s flexible mechanisms for implementing the Corporate Tax Law through seamless procedures that ensure business continuity and support compliance in line with best global tax practices.
The workshop attracted more than 600 businesses from various sectors attending.
FTA Director-General Khalid Ali Al Bustani said: “Today’s workshop attracted a significant number of business representatives, which reflects the importance of FTA’s efforts in disseminating the necessary information and clarification on the implementation of the Corporate Tax Law, ensuring taxpayers are prepared to meet their tax obligations.”
“The awareness workshops and activities are part of a comprehensive educational campaign we launched upon the implementation of Corporate Tax, showcasing our commitment to creating an enabling business environment that underpins the UAE’s economic growth and global competitiveness. Our objective is to continue providing taxpayers with the information they need, promote self-compliance, and enhance the flexibility of our tax procedures,” he added.