SHARJAH: The Federal Tax Authority (FTA) has held its third awareness workshop in Sharjah targeting small and medium-sized enterprises (SMEs), as part of its ongoing comprehensive campaign to raise awareness about Corporate Tax among various business sectors.
The session aims to provide continuous support to taxpayers, in line with the FTA’s efforts to facilitate the seamless implementation of the Corporate Tax Law, which came into effect and applies to financial years starting on or after 1st June 2023, and ensure full compliance with its provisions.
In a press statement issued today, the FTA explained that this workshop forms part of the second phase of the campaign, which began in February and is set to continue until the end of the year.
The campaign includes a wide range of events, along with in-person and virtual workshops across all emirates that cover various tax-related topics.
The sessions aim to raise awareness about the legislation, requirements, and procedures for Corporate Tax compliance thr
ough educational programmes designed for each key category of taxpayers.
The goal is to ensure easy access to information for taxpayers, in addition to supporting and encouraging the business community to implement the Corporate Tax Law efficiently and accurately.
The FTA revealed that the workshop reported significant participation and engagement, with around 550 representatives from various SMEs attending. FTA representatives addressed attendees, providing a detailed explanation of the general principles of Corporate Tax and the facilities available to SMEs in that regard.
The workshop shed light on the tax obligations required and the facilities granted to SMEs, with FTA representatives offering a comprehensive explanation of Corporate Tax Law and all relevant decisions, outlining compliance requirements; the process for registration via the EmaraTax digital tax services platform; criteria for determining persons subject to Corporate Tax and designating taxable income; applicable rates and tax periods;
the Small Business Relief programme; and the process for implementing provisions of Corporate Tax Law related to taxpayers eligible for the Small Business Relief programme.
Moreover, the FTA’s representatives asserted that the Small Business Relief programme aims to support startups and other micro, small, and medium-sized enterprises (MSMEs) by reducing the Corporate Tax burden and compliance costs.
They highlighted the revenue thresholds and conditions that taxpayers must meet to opt for Small Business Relief, as well as the provisions for carrying forward tax losses, and non-deductible net interest expenses for the purposes of availing Small Business Relief, along with other information to help facilitate Corporate Tax compliance and ensure accuracy. Finally, the FTA representatives answered questions from participants at the workshop.
The Federal Tax Authority has urged resident juridical persons with licences issued in August and September (regardless of the year of issuance) to submit their applicati
ons for Corporate Tax registration by 31st October 2024, to avoid administrative penalties. It emphasised the importance of adhering to the Federal Tax Authority’s Decision on the timelines specified for Registration of Taxable Persons for Corporate Tax, which outlines the specified registration deadline for each category of taxable persons. It also highlighted the importance for taxpayers to to refer to the available information on the subject through its official website and social media accounts.
Source: Emirates News Agency