SHARJAH: The Federal Tax Authority (FTA) recently conducted its third awareness workshop in Sharjah, focusing on small and medium-sized enterprises (SMEs) to educate them about the new Corporate Tax Law, which is applicable from the financial year starting on or after June 1, 2023.
According to Emirates News Agency, the workshop is a part of the FTA’s broader initiative launched in February, aiming to enhance understanding of Corporate Tax across various sectors throughout the year. This session specifically targeted SMEs to assist them in understanding and complying with the law, highlighting the ongoing support provided by the FTA to facilitate smooth implementation.
The campaign, as described by the FTA in a press statement, involves various events and workshops, both in-person and virtual, held across all emirates. These sessions are designed to educate taxpayers about the legislation, necessary compliance procedures, and the overall registration process via the EmaraTax digital services platform.
The
workshop attracted approximately 550 representatives from different SMEs. During the session, the FTA representatives elaborated on the general principles of Corporate Tax, compliance requirements, and details about the Small Business Relief programme designed to alleviate the tax burden on startups and other MSMEs. The programme includes provisions for carrying forward tax losses and managing non-deductible net interest expenses.
Furthermore, the FTA has issued a reminder for resident juridical persons with licences issued in August and September to register for Corporate Tax by October 31, 2024, to avoid administrative penalties. The authority emphasized the importance of adhering to the registration timelines and encouraged taxpayers to stay informed through its official website and social media platforms.