The clock is ticking, and the Federal Tax Authority (FTA) of the UAE is calling out to all Public Joint Stock Companies (PJSCs), Private Shareholding Companies (PSCs), limited liability companies, and private businesses within the UAE. It’s time to roll up your sleeves and get your Corporate Tax registration finalized!
In line with the Federal Decree-Law No.47 of 2022, known as the “Taxation of Corporations and Businesses Law,” which officially took effect on June 1, 2023, the FTA is leaving no stone unturned. to the Federal Tax Authority’s intention is clearly to remind you of the crucial need to get registered – especially if your financial year kicked off on the same date.
Key Dates to Remember:
January 2023: The Federal Tax Authority started the Corporate Tax registration rolling via the EmaraTax portal.
May 2023: PJSCs and PSCs were granted access to this golden opportunity.
How to get registered in the tax portal in 4 simple steps
Step 1: Head over to the EmaraTax portal on the FTA’s website
Step 2: The Corporate Tax Registration Pro? There are four quick steps, and you may register within 30 minutes if the documentation is prepared well.
Step 3: If you’re already on the VAT and Excise tax bandwagon, simply login to your EmaraTax account. Click on “Taxable Person,” choose to register for Corporate Tax, and fill in the necessary information. Once approved, you will be granted a new Corporate Tax Registration Number, which differs from your Tax Registration Number (TRN) for VAT purposes.
Step 4: Are you new to the VAT and Excise tax scene? You may create a brand-new User Profile on EmaraTax using your email ID and phone number. Then, complete your registration by setting up a Taxable Person profile, selecting Corporate Tax registration, and filling in the information.
The Checklist
The FTA is all about accuracy and up-to-date documents.
Be sure to have the following ready:
– Trade License/Business License
– Authorized signatory’s Passport and Emirates ID
– Proof of authorization for the signatory (POA/MOA)
– Make sure your shareholdings align with the actual percentages on your app.
– Your incorporation date should match the company’s commencement date in the Memorandum of Association (MOA).
– Don’t forget to specify your tax period!
Remember to register individually for those looking to form a Corporate Tax Group.
The Campaign
An awareness campaign is going strong until the end of the year. A series of hands-on sessions and workshops across all Emirates, hosted by FTA experts. Corporate Tax awareness webinars are right on the FTA’s website.
In June, the FTA introduced a dedicated awareness platform to make your life easier. They’re offering virtual workshops in both Arabic and English, covering everything you need to know about Corporate Tax Registration.
The FTA has made it clear – your compliance with Corporate Tax is vital. Not only are you contributing to the UAE’s economic stability and prosperity, but you’re also reaping the benefits of a streamlined tax system.
How TME Services can support you
Business owners and general managers should focus on the business’s operational side instead of reviewing guidelines about registering for tax purposes. TME Services is a team of 45 experts in taxation, legal consultancy, and accounting and has supported numerous clients to be compliant in the tax landscape.
