The Federal Tax Authority in Ras Al Khaimah recently held its third workshop of the year, aimed at outlining the rules for determining taxable income under the corporate tax regime. This initiative is part of a broader campaign to enhance awareness of corporate taxation among business sectors.
In a press release, the authority noted that this workshop was included in a series of virtual and in-person events taking place across all Emirates, which will continue through 2025. The previous three workshops conducted in Dubai, Abu Dhabi, and Ras Al Khaimah attracted over 2,300 participants from the business community and stakeholders in the taxation sector, both public and private.
During the workshop, the Federal Tax Authority emphasized the urgency for non-registered corporate taxpayers to submit their registration applications to benefit from a government initiative that exempts certain groups from penalties for late registration requests within the legal timeframe.
The authority clarified that those liable for corporate tax (or exempt persons required to register) who wish to take advantage of this exemption must file their tax returns (or annual declarations) within seven months following the end of their first tax period. Compliance with this requirement will ensure that they qualify for exemption from penalties as per the authority’s decision.
It was also noted that this special condition allowing for the exemption through timely tax return submission applies exclusively to the initial tax period for the taxpayer or exempt person, irrespective of whether the due date for their first tax return falls before or after the new decision’s implementation.
The Federal Tax Authority reiterated its commitment to continually enhance the services offered to support the business sectors, aligning with its strategic plans to foster a tax-compliant environment. This includes ongoing awareness initiatives designed to reach all categories of taxpayers and provide clarity on legislative and procedural matters in diverse formats that ensure ease of understanding.
The workshop in Ras Al Khaimah saw around 440 attendees, including officials from relevant government and private sector entities, who had the opportunity to raise questions and engage with the authority’s representatives.
During the session, representatives explained the corporate tax law and associated regulations, compliance requirements, registration procedures via the “Emirates Tax” platform for digital tax services, as well as criteria for determining taxpayers. They also outlined applicable rates, tax periods, and mechanisms for implementing the provisions of the corporate tax law.
Furthermore, the authority highlighted how to calculate the taxable income, outline the due tax, and specified accounting standards related to corporate taxation. This included guidance on financial statements in accordance with applicable accounting standards, accrual basis accounting principles, and definitions of financial assets, liabilities, and equity. The representatives stressed the significance of understanding the corporate tax law and executive decisions available on the authority’s official website.