The Federal Tax Authority (FTA) is holding an upcoming physical workshop. This is about “General Principles on Taxation of Corporations and Businesses.” This workshop will be held on October 31, 2023, at the Al Jawaher Reception & Convention Centre.
UAE taxation is quite an important source of revenue for the UAE government. So, tax revenue is used to fund essential public services. These services include healthcare, education, and infrastructure. Therefore, the UAE government takes the taxation of corporations and businesses seriously.
The Federal Tax Authority is responsible for collecting, administering, and enforcing federal taxes. Therefore, FTA conducts workshops through webinars and in-person to aware businesses. Moreover, these workshops play a very important role in guiding all small and large companies.
Why these workshops are important to attend? Are these mandatory to attend? The answer is yes, and it is important to attend these workshops. However, there is no compulsion that you have to attend the workshops. Let us tell you if you are not aware of the latest tax regulations and updates. Then, your business might face real consequences. In fact, FTA has fined thousands of businesses for non-compliance with tax regulations.
The reasons for the fines are these:
- Non-payment of taxes
- Failure to register for VAT
- Claiming excessive tax credits
- Late tax return fillings
- Incorrect tax invoices
Hence, it is a great chance for you to attend these workshops held by FTA. As, FTA organized the physical workshop on 31st October to guide the businesses about UAE taxation. So, if you want to know more about UAE taxation. Then, you must register for this workshop today.
In this blog, we will discuss more about the purpose of this workshop and how accounting and bookkeeping firms in the UAE can help you stay compliant. Keep reading to know more about the workshop.
What is the FTA physical workshop?
The Federal Tax Authority (FTA) has organized the third awareness workshop. This workshop is an in-person workshop arranged in Sharjah. The topic “The General principle of taxation of corporations and businesses” in Sharjah is part of a series. FTA has planned to hold a series of workshops in the UAE for awareness. Here are the reasons for this workshop:
- Part of a comprehensive campaign to raise awareness
- Aware businesses of UAE Corporate tax
- Educational support for taxpayers
- Provide the necessary information
- Answer the queries
Who should attend the FTA third workshop?
It is the concern of every business. Whether the workshop is relevant to their business or not. However, these awareness workshops are for all kinds of businesses. Because all the businesses have to register for VAT and Corporate tax. As a result, this workshop is ideal for:
- Business managers
- Business owners
- Accountants
- Anyone who wants to know about taxation in Sharjah
How to register for the workshop
Simply, you have to visit the FTA official website. FTA has provided the option for registration for everyone. So, you can simply click on the register option and register yourself. However, space is always limited. So, you should register early for the workshop.
What will be covered in the FTA workshop?
The FTA Director General, his Excellency Khalid Ali AL Bustani, said about the previous workshop: “Today’s workshop attracted a significant number of business representatives, which reflects the importance of FTA’s efforts in disseminating the necessary information and clarification on the implementation of the Corporate Tax Law, ensuring taxpayers are prepared to meet their tax obligations.”
So, in this, you will be able to learn about many things about the taxation of corporations and businesses. Moreover, you will learn the following things in this workshop:
- The different kinds of taxes in Sharjah
- Common tax mistakes
- Understand calculation and tax filing
- Latest information about tax laws and regulations in Sharjah
- Advice from professional tax experts
How to prepare for the FTA third workshop
However, there are no compulsions about the preparation. But still, these are the tips ebs tax experts give you:
- Review the topic of the workshop.
- Do some independent research on the different kinds of taxes.
- Come with the questions prepared.
- Gather any relevant documentation, such as tax notices, financial statements, or tax returns.
How ebs can help you with the FTA physical workshop?
ebs is one of the best accounting and bookkeeping firms in UAE. Our experienced tax professionals can help you prepare for the upcoming workshop. So, our team can guide you in these ways:
- Review your tax returns and financial statements.
- Give your overview of taxation in Sharjah.
- Give you advice from professionals.
If you are interested in registering for the workshop. So, our team will guide you all about the FTA workshop in detail.
ebs role in UAE taxation
ebs is a leading provider of accounting and bookkeeping services. ebs has a team of experienced tax professionals. Hence, our team can assist the business with all aspects of UAE taxation. ebs help businesses stay compliant with the latest tax rules and regulations. Our services include:
- Tax compliance
- Tax advisory
- Excise tax
- Tax planning
- Corporate income tax
- Transfer pricing
- Tax dispute resolution
Conclusion
FTA has organized the physical workshop in Sharjah. The topic of the discussion will be General Principles on Taxation of Corporations and Businesses. If you are a business owner in Sharjah. So, we encourage you to register for the workshop. This workshop is a great opportunity to learn more about taxation in Sharjah. Moreover, you will get the chance to meet experienced tax professionals. Moreover, ebs will also assist you with this workshop and the UAE taxation.
In addition, feel free to reach out and book a free consultation with our professionals. Not only that, but we also provide other services such as accounting and bookkeeping services, VAT services, Auditing, Due Diligence audit services, and many more. So, feel free to contact us and book a free consultation.
Faqs
What are the new tax rules in UAE?
The new tax law has imposed UAE corporate tax on all corporations. So, businesses have to pay 9% tax to the UAE government on profits above AED 375,000.
How is tax calculated in UAE?
Corporate tax in UAE is calculated at 9% of the net profit. In addition, the net profit is shown in the company’s financial statements. Therefore, it is crucial for UAE firms to complete their financial records.
What is the VAT rate in UAE?
The general VAT rate is 5%. Moreover, it is applied to most goods and services. Therefore, businesses have to maintain their records to show to FTA.
What is the cost of the FTA workshop?
The workshop does not require any fees. However, you must do prior registration to attend the workshop in Sharjah.