Sharjah Economic Development Department (SEDD), in cooperation with Federal Tax Authority (FTA) and participation of Sharjah Foundation to Support Entrepreneurs “RUWAD”, organized a workshop entitled “Tax Foundations for Sustainable Economic Practices” in the presence of number of investors from commercial and industrial sectors.

This workshop aimed at highlighting the crucial topics related to tax practices and legal aspects that enable investors to deal efficiently with the tax system used in the country and its role in developing the business environment and providing accurate data to achieve the goals of sustainable development in Sharjah.

The workshop was launched with an opening speech given by Mariam Nasir Al Suwaidi, Deputy Director of Industrial Affairs Department at SEDD. She welcomed the audience and clarified that the goal of presenting the workshop was to develop the services provided by the various participating entities by discussing the latest developments in the tax field, including regulations and requirements of interest to investors in the commercial and industrial sector, and the extent of their contribution to developing and modernizing the business system and improving the commercial and industrial environment in all its forms in the emirate. Al Suwaidi carried on that the workshop also aimed at providing the opportunity to exchange opinions, ideas and proposals, transfer best experiences and practices, and find solutions to the challenges facing investors in order to improve the economic system in Sharjah.

During the workshop, the Federal Tax Authority explained the most important policies followed by it, the procedures taken to collect taxes, the category applied to them, the mechanism for collecting and paying taxes, in addition to the various payment channels and how to apply and collect them. “FTA” also introduced the audience to the mechanism of applying the tax, how it begins and how it ends, to whom it is applied, who must register for the value-added tax, how to submit a value-added tax return, what are the fines resulting from non-payment of the tax or default, in addition to the challenges that may be encountered and common mistakes.

On the other hand, “RUWAD” Foundation reviewed the opportunities available for commercial and industrial projects, as it works to support all projects and their owners as a source of inspiration for society towards entrepreneurship through a package of advanced programs and agreements with many parties, conducting studies and research, and establishing business incubators.

Likewise, the workshop, in which several commercial and industrial sector investors in the emirate participated, included exchanging views, listening to inquiries, exchanging information, and discussing all aspects of tax implementation mechanisms.