Media ININ Economy We Trust
MediaIn – Ras Al Khaimah January 31,
The seminar on “The objectives and mechanisms of applying value added tax” organized by the Federal Tax Authority at the Department of Economic Development in Ras Al Khaimah discussed the steps and areas of application of VAT and facilities provided by the Authority to help taxpayers to apply the tax system easily.
The Emirates Tax Authority is one of the most comprehensive programs at the regional level, through which it manages the tax operations at the highest levels of professionalism, transparency and efficiency in order to enhance confidence in the system and achieve the highest compliance rates, the Federal Tax Authority said in a press release obtained by MediaN. And tax liability.
During the seminar, representatives of the Authority presented a detailed explanation on the mechanisms of implementing the value added tax and the principles of cooperation and coordination between the Authority and its strategic partners in the public and private sectors regarding the implementation of the tax system and supervision during implementation to facilitate the implementation of the system.
They noted that the Authority has employed the best modern technologies to facilitate the registration process for value added tax purposes and the issuance of tax registration numbers, indicating that registration in the system is free and available through the Services Portal on the website of the Federal Tax Authority around the clock.
They emphasized the importance of companies maintaining tax records for the specified time periods, with clear and complete records, and submitting tax returns on a regular basis, in compliance with the inventory monitoring system and the movement of goods, explaining the VAT treatment of some sectors and the conditions and requirements of tax invoices and how to verify them.
