UAE finance ministry holds first session of corporate tax awareness programme

UAE finance ministry holds first session of corporate tax awareness programme

Abu Dhabi: More than 350 tax experts, business sector representatives and company owners attended the first session of the Ministry of Finance’s corporate tax public awareness programme, in Abu Dhabi on Monday. The session follows the issuing of the Federal Decree-Law on Taxation of Corporations and Businesses (the Corporate Tax Law) last month, whereby all UAE-based businesses will become subject to corporate tax from the beginning of their first financial year that starts on or after June 1, 2023. The session was also attended by representatives of the ministry, the Federal Tax Authority (FTA), and the Abu Dhabi Chamber of Commerce and Industry. The tax has been set at 9 per cent for taxable profits exceeding Dh375,000. The session was presented by experts from the Ministry of Finance including, Shabana Begum, Executive Director of Tax Policy Sector; Fatima Al Sheikh, Director of Tax Policies and Legislations; and Rasha Hajj Hussein, Tax Policies and Legislations Expert. An overview presentation shed light on the Corporate Tax Law, introducing participants to various aspects of the new regime, including scope, rate, key definitions, exempt persons, free zones, administration, and timelines. The session is the first in a series of in-person workshops, set to be