Ministry of Finance explains corporate tax timelines

The ministry holds virtual session for 800 participants under its Corporate Tax Public Awareness Programme

Shabana n Begum, executive director of Tax Policy Sector; Fatima Al Sheikh, director of Tax Policies and Legislations; Thuraya Al Hashemi, director of the International Tax Department, and Rasha Hajj Hussein, Tax Policies and Legislations expert at the virtual session. — Supplied photo

A Staff Reporter

Published: Tue 24 Jan 2023, 2:28 PM

The UAE Ministry of Finance held a virtual session as part of its Corporate Tax Public Awareness Programme, with more than 800 business representatives, tax experts, accountants, and company owners from around the country taking part.

The programme was launched by the Ministry to raise awareness about the new tax, after the Federal Decree-Law on Taxation of Corporations and Businesses (the “Corporate Tax Law”) was issued last month.

The session is the third in the Corporate Tax Public Awareness Programme and the first to be held online. The ministry had organised two previous sessions, the first in the capital, Abu Dhabi, and the second in Dubai.

Holding virtual sessions under the programme is part of the Ministry’s commitment to reaching the largest possible number of entrepreneurs, tax experts, and representatives of companies operating in all emirates of the UAE, in order to introduce them to the new law and help them understand the details and implementation of the new tax regime to ensure compliance.

The session included a presentation followed by a panel discussion with tax experts from the Ministry of Finance, including Shabana n Begum, executive director of Tax Policy Sector; Fatima Al Sheikh, director of Tax Policies and Legislations; Thuraya Al Hashemi, director of the International Tax Department, and Rasha Hajj Hussein, Tax Policies and Legislations expert.

Attendees were given the opportunity to ask questions, which were answered and discussed by members of the ministry’s team.

Furthermore, the session highlighted key elements and features of the corporate tax regime, including the tax rate, the corporate tax administration for resident and non-resident persons in the UAE, unincorporated an incorporated partnership, and the treatment of family foundations and trusts.

The session also shed light exempt persons, the status of companies operating in free zones, and corporate tax administration, such as registration, financial statements, maintaining financial records, fines, transfer pricing, tax loss relief and others.

Also, on the list of topics discussed were the corporate tax timelines, which extend for more than two years to allow for preparation; general anti-abuse rules; support for small businesses, and the roles and responsibilities of the Ministry of Finance and the Federal Tax Authority (FTA) in implementing the new tax regime.

— muzaffarrizvi@khaleejhtimes.com