Ministry of Finance holds first session of Corporate Tax Public Awareness Programme in Abu Dhabi

Ministry of Finance holds first session of Corporate Tax Public Awareness Programme in Abu Dhabi

VIDEO

ABU DHABI, 9th January 2023 (WAM) -- The Ministry of Finance has held the first session of the Corporate Tax Public Awareness Programme in Abu Dhabi with leading officials in attendance, along with representatives of the Ministry of Finance, the Federal Tax Authority (FTA), the Abu Dhabi Chamber of Commerce and Industry, and more than 350 tax experts, business sector representatives, and company owners.

The session follows the issuing last month of the Federal Decree-Law on Taxation of Corporations and Businesses (the “Corporate Tax Law”), whereby all UAE-based businesses will become subject to Corporate Tax from the beginning of their first financial year that starts on or after 1st June 2023.

The Tax has been set at 9 percent for taxable profits exceeding AED375,000 – a rate that will ensure that the UAE’s Corporate Tax system is among the most competitive in the world, which, in turn, will serve to strengthen the country’s position as a global financial and business centre.

The Ministry of Finance had launched the Corporate Tax Public Awareness Programme last month out of commitment to supporting various business sectors and introducing their teams of specialists – including corporate finance managers, chief finance officers, legal advisors and experts, tax auditors