The Ministry of Finance will launch an awareness program next month
Facilities for small projects subject to corporate tax
The Ministry confirmed that the awareness program will be presented by experts in the field of taxation.
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The Ministry of Finance revealed its intention to offer facilities for small projects subject to corporate and business tax, noting that details of these facilities will be announced during the first half of next year.
The ministry confirmed, during a workshop it organized in Dubai for journalists, yesterday, that donations and allocations for expenses related to social responsibility will be taken into account from the taxable profits, which will be applied for the fiscal years that will start on or after the first of next June, at a rate of 9% on the taxable income that It exceeds the amount of 375 thousand dirhams.
tax losses
She indicated that the corporate tax law provides a number of facilities that customers can benefit from according to specific conditions, explaining that among these facilities is what is related to tax losses, as this facility allows tax losses to be deducted from taxable income, during subsequent periods, up to Up to 75% of taxable income, and tax losses can be carried forward without any restrictions, provided that certain conditions are met.
The ministry added that the facilities also include the transfer of tax losses, so that companies residing in the country can transfer tax losses to another person subject to tax, in the event of a joint ownership of 75%, with the fulfillment of the specified conditions.
Business structuring
She stated that the facilities also include business restructuring, indicating that gains or losses arising from business mergers, legal mergers, restructuring of entity divisions, and other eligible restructurings can be exempted from taxable income when specific conditions are met.
Awareness
In addition, the Ministry of Finance stated that it will launch a program for public awareness of the corporate and business tax during the next month, pointing out that the first session of the public awareness program about the tax will take place on the ninth of January in Abu Dhabi, to be followed by the organization of more sessions in person in the various emirates of the country. Virtually through the digital awareness platform.
And she indicated that the program was designed to ensure the dissemination of general and basic awareness of the corporate tax law in the UAE among the business sector, pointing out that attendance at the sessions is open to all, but the primary target audience includes: business leaders from various sectors, corporate finance managers, chief financial officers, and consultants. Legal experts, tax auditors and agents, accountants, and company owners.
sessions
The Ministry indicated that the sessions of the public awareness program will be presented by experts in the field of taxation, with the aim of raising awareness and providing a reliable platform for transparent discussions and responding to questions and inquiries received from various sectors, while the sessions reflect the Ministry of Finance's commitment to educating the business sector about the main features of the corporate tax system in the Emirates, adding that Through these sessions, the Ministry confirms its commitment to the community to ensure a smooth transition process before the corporate tax law comes into force.
She explained that the Ministry will work, during the sessions, to give an overview of the corporate tax law, and provide the participants with information on its various aspects, including the scope, percentage, main tariffs, exempt entities, free zones, management and timetables, in addition to covering pivotal topics, such as: calculating taxable income. For tax, tax exemption, tax groups, transfer pricing, and more.
• Companies can transfer tax losses to another taxable person, in the event of joint ownership of 75%.
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