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UAE businesses gear up for corporate tax landscape
ECAG conducted an onsite awareness session on the UAE corporate tax at Pullman Hotel last week that was attended by over 100 business owners and finance professionals, led by Khalid Al Ali, director at ECAG.
The registration for corporate tax through the EmaraTax platform has begun. Businesses will be subjected to corporate tax from the beginning of the first financial year, which starts on or after June 1 in the UAE.
The implementation of corporate tax law in the UAE would be a significant development for businesses operating in the country. It would likely involve a range of activities, including the drafting of tax legislation, the establishment of a tax administration, the development of tax policies and procedures, and the implementation of a tax compliance regime.
The initial step in this process would likely involve a comprehensive review of the current tax landscape and the identification of key tax issues and challenges facing businesses in the UAE.
ECAG conducted an onsite awareness session on the UAE corporate tax at Pullman Hotel last week that was attended by over 100 business owners and finance professionals, led by Khalid Al Ali, director at ECAG.
The session was initiated as a corporate social responsibility (CSR) activity to not just comply with tax laws, but to be a responsible corporate business and contribute to the community by spreading awareness and educating businesses about the changes in tax laws.
The session enlightened the attendees on topics such as tax group, transfer pricing, taxable person, the purpose and scope of the tax, the obligations and responsibilities of businesses and individuals and the preparation and compliance measures that need to be taken.
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