Corporate tax pre-registration begins with the Federal Tax Authority

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23 Jan 2023

As of Sunday, the Federal Tax Authority (FTA) announced the launch of early registration for corporate tax through the EmaraTax platform as part of its commitment to provide businesses and members with digital tax services.

According to Federal Decree-Law No. No. 47 of 2022 on the Taxation of Corporations and Businesses (the Corporate Tax Law), Taxable Persons will be subject to Corporate Tax on or after 1st June 2023, when their first fiscal year begins.

According to the Authority, early registration is available from January 2023 to May 2023 for specific categories of UAE-based companies. The FTA will send a registration invitation to these selected companies via email and SMS.

As soon as this phase is over, the FTA will announce when registration will be available to other businesses and companies. As part of the registration process, the FTA will ensure that companies and businesses have ample time to apply and meet their legal obligations. Therefore, businesses and companies with financial years beginning on 1st June 2023 will be given priority when registration opens.

Khalid Ali Al Bustani, Director-General of FTA, stated that in light of the announcement of the UAE corporate tax, the Federal Tax Authority had intensified its efforts to ensure that it is implemented in accordance with the highest standards and that administrative procedures are efficient, accurate, and seamless, without impacting business operations. Furthermore, the Authority supports all business sectors to comply with tax regulations and procedures through flexible mechanisms aligned with international best practices.

Additionally, he stated that The Authority is committed to positioning itself as an ally and partner for the business sector, protecting its interests while supporting the national economy in a balanced and transparent manner that strengthens the UAE's competitiveness.

After implementing the UAE corporate tax regime from June 1, 2023, the UAE will be among the world's most competitive. By increasing the corporate tax on profits above Dh375,000 ($102,110), the government will be able to diversify its revenue sources away from crude oil.

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