Sheikh Hamdan chairs the meeting of Federal Tax Authority’s Board of Directors on Tuesday in Dubai.
Business Bureau, Gulf Today
DUBAI: The Board of Directors of the Federal Tax Authority (FTA) has issued a number of executive decisions concerning the Authority’s operations and administrative policies during its 8th meeting, chaired by Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and FTA Chairman.
During the meeting, which was held on Tuesday at the Ministry of Finance’s Dubai headquarters, the Board reviewed a report on the developments of ongoing projects and the FTA’s recent achievements. The report also covered results pertaining to its registration processes for VAT and Excise Tax and transactions related to filing Tax Returns, payment of outstanding taxes and collection of recoverable taxes.
The report pointed out that the level of tax compliance in the country has increased, with the number of registrants for VAT exceeding 300,000 registered businesses – tax groups and individuals. Meanwhile, the number of registrants for Excise Tax reached 719, and the number of approved Tax Agents increased to 316.
The report confirmed the success of the VAT Refund Procedures for UAE Nationals Building New Residences, with many citizens benefiting from the simple and straightforward electronic procedure that enables them to claim refunds on the taxes incurred on the construction of their new villas and apartments. The study noted that 235 applications were approved, enabling citizens to recover a total of Dhs9.76 million.
Sheikh Hamdan Bin Rashid Al Maktoum commended the positive results and major strides the Authority has made since its inception. The FTA saw to the implementation of simple and clear cutting-edge electronic systems, leading to encouraging compliance levels from business sectors. This success was the result of streamlined procedures, an advanced legislative environment, and adherence to high international standards and best practices.
“The Federal Tax Authority has developed comprehensive plans to encourage tax compliance, raise the registration rate among Taxable Businesses, and combat tax evasion,” Sheikh Hamdan explained. “The Authority is also stepping up its efforts to help businesses – who we consider to be strategic partners – fully comply with tax regulations and procedures with little to no effect on their activities. With that in mind, we regularly organise awareness and consultative meetings to help private-sector entities across all industries efficiently implement the tax system.”