Four “transformative” programs will be implemented by the Federal Tax Authority in an effort to boost the nation’s competitiveness.
The Federal Tax Authority (FTA) is set to initiate four groundbreaking projects aimed at transforming the United Arab Emirates (UAE) into a more competitive nation that realizes its future vision.
Encouraging small and medium-sized enterprises (SMEs) to do business and pay their fair share of taxes is the aim of the Muwafaq package.
Enhancing and streamlining taxpayers’ capacity to select the most suitable tax agent for their requirements is the aim of the UAE’s Specialized Tax Agent program. According to the FTA website, this is achieved by the creation of a database that classifies the registered tax agents according to several categories, including “contracting,” “medical,” “financial,” “transport,” and so forth.
Two such initiatives are the Electronic Invoicing System and the Corporate Tax System.
The second meeting of the FTA Board of Directors for 2023 was chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the United Arab Emirates.
The implementation of the Corporate Tax Law, which will go into effect for the first fiscal year starting on or after June 1, 2023, was reported to the board. Over Dh375,000 in income is subject to the new nine percent levy. The law aims to solidify the United Arab Emirates’ (UAE) position as a leading global hub for business and trade that upholds the strictest international tax transparency requirements.
Methods of Combined Taxation
During their meeting, the FTA Board of Directors talked about the results of EmaraTax, the organization’s state-of-the-art integrated digital tax services platform. The portal has given taxpayers access to a wide range of digital services since its inception in December 2022.
Participants in the Tax System with Value Added
351,514 people have registered for value-added tax (VAT). There are 467 tax representatives and 1,549 excise tax filers as of right now.
The FTA approved new claims in February and March 2023 from citizens requesting Dh131 million in tax refunds for the new residences they built. a 13.92 percentage point rise over the previous year.
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