Media ININ Economy We Trust
MediaIn – Dubai February 28, 2018:
The Board of Directors of the Federal Taxation Authority, during its fourth meeting under the chairmanship of His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, reviewed the achievements of the Authority during the past period and the successful implementation of the value added tax system.
The report stressed the high level of coordination and cooperation between the Authority and the business sectors as well as consumers, which led to an increase in tax awareness and achieving positive results in the first two months of implementation to complement the success achieved by applying the selective tax system which started from Fourth quarter of last year.
The Board agreed during its meeting at the headquarters of the Ministry of Finance in Dubai to exempt the business sectors in arrears in the registration procedures with the Commission value added tax system until the end of April of administrative fines to take into account the lack of readiness of some work during the first period of application in the framework of cooperation and coordination, And to encourage them to comply with tax procedures and laws on an ongoing basis to avoid administrative fines.
He also reviewed the result of the tender for the VAT refund project for tourists who the Authority has launched to achieve the highest levels of readiness to implement the system in line with international best practices, which will include integrated systems to directly connect all outlets and shops in the country with the recovery system. The system is intended to be operated at the state level according to the plan proposed by the authority.
The Board of Directors of the Federal Tax Authority adopted the mechanisms of clarifications and directives issued by the Authority to the taxpayers in respect of the limits of their obligations to the taxes and fines associated with them within the jurisdiction of the Authority concerning the administration, collection and implementation of taxes and the application of tax procedures in force in the State under Federal Law No. 13 of 2016 On the establishment of the ‘Federal Tax Authority’.
His Highness Sheikh Hamdan bin Rashid Al Maktoum said that the UAE has succeeded in establishing an integrated tax system which is considered one of the best tax systems in the world. He pointed out that the Federal Tax Authority has achieved great achievements within a short period of time as part of its strategic and operational plan to provide the best services for the business sectors in the management, collection and implementation of federal taxes and the application of tax procedures efficiently and flexibly.
“The TRA is actively contributing to achieving the long-term strategic objectives of the tax system, foremost of which is economic diversification by providing sustainable sources of income for future generations to finance strategic projects such as infrastructure development and more public services for citizens and residents,” he added.
