Corporate Tax Workshop in Abu Dhabi

Jun 27, 2024

Corporate Tax Workshop in Abu Dhabi

Introduction

  • Host: Roa Dehi, Master of Ceremonies
  • Event Location: Abu Dhabi, UAE
  • Purpose: Launch of the new phase of the Federal Tax Authority's (FTA) corporate tax awareness program

2023 Phase Overview

  • Total Workshops: 48 awareness-focused workshops
    • 9 in-person workshops
    • 39 virtual webinars
  • Focus Areas:
    • General principles of corporate taxation
    • Corporate tax registration requirements

2024 Campaign Start

  • Aim: Introduce corporate tax principles for small and medium-sized enterprises (SMEs)
  • Today's Session Includes:
    • Introduction to corporate tax
    • Basic elements of corporate tax law
    • Provisions relevant to SMEs
    • Calculation of taxable income
    • Compliance requirements
    • Q&A session

Keynote Address: His Excellency KH Albani

  • Importance of SMEs in the UAE's economy
  • Partnership acknowledgments:
    • Abu Dhabi Chamber of Commerce and Industry
    • Khalifa Fund for Enterprise Development
    • Emirates Entrepreneurs Association
  • Role of FTA:
    • Ensure taxpayer and sector obligations are understood
    • Design and conduct educational activities
  • 2023 Program Results:
    • 48 awareness workshops (9 in-person, 39 virtual webinars)
    • Over 13,600 participants
  • Tax Education History in UAE:
    • 2017: Introduction of excise tax
    • 2018: Introduction of VAT
  • Ongoing Support and Updates: Importance of visiting the FTA website for latest updates

Corporate Tax Regime Highlights

  • Designed based on international best practices
  • Features:
    • 0% tax rate for startups and small businesses earning less than 375,000 AED
    • Tax relief incentives

Session 1: Introduction to Corporate Tax for SMEs

Presented by R Hamzawi, Zuir Chadri, and Juliana Candido

Key Topics Covered

  • Basic Elements of Corporate Tax Law
  • SME Specific Provisions
  • Taxable Income Calculation
  • Compliance Requirements
  • Private Clarifications & Q&A

Core Principles

  • Introduction of Corporate Tax Regime in UAE
    • Competitive rates and exemptions
    • Strengthening UAE's position as a business hub
    • Supporting economic development

Roles of FTA

  • Supporting taxpayer compliance through guidance and clarifications
  • Conducting tax audits
  • Collection of taxes
  • Legal framework: Federal Decree Law, Cabinet Decisions, Ministerial Decisions, FTA decisions

Tax Periods and Reporting

  • Financial years and submission deadlines
  • Transition into the new corporate tax period starting in 2024
  • Importance of early registration and compliance

Participation Exemption Rules

  • Conditions for tax exemption on dividends and capital gains
  • Domestic and cross-border scenarios
  • Summary of compliance requirements and taxable income adjustments

Relief for SMEs

  • Small Business Relief: Conditions and application process
  • Interaction with other corporate tax reliefs
  • Transfer pricing rules and compliance

Administration and Documentation

  • Registration and deregistration requirements
  • Submission of corporate tax returns
  • Currency and record-keeping
  • Financial statement requirements

Penalties and Compliance

  • Types of non-compliance penalties
  • Importance of maintaining documentation

Workshop Conclusion

  • Encouragement to register early for corporate tax
  • Information desk availability for further queries
  • Follow-up actions: Visiting the FTA website and future workshops

Q&A and Support

  • Addresses common and specific queries
  • Call to action: Contact FTA for any additional support or clarification needed

Thank you for participating and ensuring compliance with UAE's corporate tax provisions. Stay informed by following FTA's channels and attending future workshops.