Monday, May 27, 2024

Emirates News Agency – Khaled Al Bustani: “Corporate tax” law takes into account the needs of small and medium enterprises.

Date:

ABU DHABI, 2nd June, 2020 (WAM) — The Authority will begin its real administrative and field role once the Corporate Tax Law comes into force, said the Director General of the Federal Tax Authority, His Highness Khalid Ali Al Bustani. Yesterday, he hinted that it would take over the responsibility of administering, collecting and enforcing a “corporate tax” in addition to federal taxes to improve the overall efficiency of corporate tax administration and lead to better compliance. and reduces the burden of compliance on taxpayers.

Al-Bustani added – in a statement to the Emirates News Agency, WAM, that the corporate tax law, designed based on international best practices, takes into account the needs of small and medium enterprises, as it includes an article on small business facilities. It enables any resident to choose to be treated as if he has not achieved any income. It is taxable if certain conditions are met, the most important of which is that its income is less than 3 million dirhams.

“Corporate tax” is a direct tax on the net profit of companies and other businesses, which the government is keen to meet the aspirations of companies and investors, increase investment attraction, strength and competitiveness, he pointed out. Fair tax incentives that meet the needs of the national economy, companies and its vision, meeting international standards of tax transparency and preventing harmful tax practices.

He stressed that the implementation of yesterday’s landmark law is a key indicator of the UAE’s leadership in the finance and tax sector, as in other sectors, as it meets the UAE’s vision and needs for economic development. 50 year requirements, and to accelerate economic transformation in the country to achieve its strategic objectives and strengthen its position as a leading global center for trade and investment.

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The Director General of the Central Tax Commission has invited public limited companies and private companies to start registering with the corporate tax system and obtain a tax registration number for corporate tax purposes through the “Emirates Taxes” platform for digital tax services for companies. Early registration means that companies will be allowed enough time to comply with their legal obligations, and registration will be available for people living in free zones and other categories that may become taxable at a later date.

He said that the Central Tax Commission will help taxpayers and gradually help them improve their self-compliance skills and deepen their awareness about the requirements of the new tax and its application frameworks and its salient features. The Authority organizes through a dedicated platform for taxable companies and businesses to benefit from a series of introductory workshops on corporate tax registration. Available on the Authority’s website, workshops are organized in Arabic and English at the rate of two workshops per week. In the month of June 2023.

Khaled Al-Bustani confirmed that the Authority will continue its support by providing guides, answering inquiries and providing clarifications to the needs of the corporate tax system through introductory and educational workshops to raise awareness of the corporate tax law. Awareness, and assistance in self and voluntary compliance of all taxpayers.

He pointed out that the Central Tax Commission will continue to play its vital role in ensuring that taxpayers and other parties understand their obligations under the Corporate Tax Act. and transparent policies and procedures.

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Mustafa Badr El Din / Rami Samih

Bill Dittman
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