Government

In its ongoing efforts to foster tax compliance and awareness among businesses, the Federal Tax Authority (FTA) recently concluded the second workshop dedicated to small and medium-sized enterprises (SMEs) in Ras Al Khaimah. This event marks a significant milestone in the FTA's comprehensive campaign aimed at promoting understanding and adherence to the Corporate Tax Law, which came into effect in June 2023.

The workshop, attended by 200 representatives of SMEs, focused on elucidating the obligations and facilities available for small businesses under the Corporate Tax Law. It aimed to provide clarity on various aspects of tax compliance, including criteria for determining taxpayers subject to Corporate Tax, taxable income, applicable rates, and tax periods. Additionally, the session highlighted the supportive measures tailored specifically for SMEs, aimed at easing tax burdens and compliance costs.

Zahra Al Dahmani, Director of Taxpayer Services at the FTA, emphasized the significant turnout and interaction from participants, reflecting the commitment among business sectors to comply with the Corporate Tax Law. She underscored the FTA's dedication to providing continuous knowledge support to taxpayers and stakeholders, promoting tax awareness, and fostering effective communication between the FTA and the business community.

The FTA reiterated its commitment to supporting the growth of the SME sector, recognizing its substantial contributions to the national GDP. As part of its awareness efforts, the FTA has launched the Muwafaq Package, offering a range of services, incentives, and privileges tailored to SMEs, aimed at facilitating tax compliance and encouraging entrepreneurship and innovation.

The workshop in Ras Al Khaimah is part of the FTA's ongoing Corporate Tax awareness campaign, which includes a series of specialized events, programs, and workshops tailored to different categories of taxpayers and sectors. These initiatives aim to provide informative and comprehensive content covering all legislative and procedural issues related to Corporate Tax.

Furthermore, the FTA urged Corporate Taxpayers to submit their registration requests as soon as possible to avoid administrative penalties, particularly those holding licenses issued in January and February, who are required to submit their Corporate Tax registration requests by 31 May 2024.

The success of the SME workshop in Ras Al Khaimah underscores the FTA's commitment to promoting tax compliance and awareness, ultimately contributing to the development of a robust and competitive economy in the UAE.

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