FTA intensifies corporate tax awareness campaigns

The Federal Tax Authority (FTA) intensified its awareness activities and events this year, organised to highlight the importance, objectives, procedures, and requirements for complying with the Corporate Tax Law, which applies to financial years beginning on or after 1st June 2023.

The FTA revealed the number of participants joining Corporate Tax awareness activities increased to 8,220 in-person and virtual attendees across all emirates in the first six months of 2024, compared to 7,520 participants in the same period of 2023, marking a 9.23 per cent increase.

Moreover, the FTA confirmed a rise in demand for and engagement with Corporate Tax awareness activities, revealing that it had run surveys that indicated a surge in participant satisfaction rates with these events to 97.5 per cent in the first half of 2024, up from 93 per cent in the same period last year.

The Authority went on to add that a significant number of new awareness programmes and activities have been introduced to educate business sectors about Corporate Tax and related topics, in line with their requirements.

The FTA explained that the number of awareness events it has organised in H1 2024 increased substantially to 40 in-person and virtual events, compared to just 17 in the same period of 2023, indicating a strong growth of 135.29 per cent.

Key events introduced in 2024 include launching the second phase of the FTA’s comprehensive Corporate Tax awareness campaign for business sectors, which covers various tax-related topics, offers awareness programmes that are tailored for each category, employs the latest technologies to ensure easy access to information for taxpayers, and supports the business community to implement the Corporate Tax Law efficiently and accurately.

Six workshops were held in the first half of 2024, targeting Corporate Tax service focus groups, along with workshops for focus groups centred around the Zero Government Bureaucracy Programme as it relates to Corporate Tax, and a series of virtual workshops to clarify Corporate Tax updates.

Other aspects covered included revenue thresholds and conditions that taxable persons must meet to opt for Small Business Relief, along with other information to help facilitate Corporate Tax compliance and ensure accuracy.

Khalid Ali Al Bustani, Director-General of the FTA, called on all relevant parties to take part in the Authority’s Corporate Tax awareness events, urging taxpayers who are subject to Corporate Tax to submit registration requests within the timelines specified.