The Federal Tax Authority ( FTA) will start four transformative projects that will enhance the UAE’s competitiveness and realize its vision for the future.
A Muwafaq package is designed to boost the relief of doing business and tax compliance of small and medium-sized enterprises (SMEs).
The Specialised Tax Agent scheme aims at developing and facilitating the process of selecting the appropriate tax agent for taxpayers in the UAE. Per the FTA website, this is done by creating a database for classifying the tax agents registered within specific fields like medical, financial, transportation, contracting, and other sectors.
Other projects include the Corporate Tax System and the Electronic Invoicing System.
This scheme came as Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, chaired the second meeting of the FTA Board of Directors for 2023.
The board was informed about the developmental reaction to implementing the Corporate Tax Law, effective in the first fiscal year beginning on or after June 1, 2023. The rate has been set at 9 percent and applies to taxable income above Dh375,000. The law aims to strengthen the position of the UAE as a leading global junction for investment and business that maintains the highest international standards for tax transparency.
Integrated Tax System
During its meeting, the FTA Board of Directors examined the results of the advanced and integrated digital tax services platform of the authority called Emara Tax. The platform was activated in December 2022, with all services available for online taxpayers.
VAT registrants
The number of Value Added Tax ( VAT) tax registrants has reached 351,514. There are 1,549 registrants fit Excise Tx and 467 tax agents.
The FTA endorsed new applications from citizens requesting refunds in the tax they incurred for building in recent times worth around Dh 131 million in February and March 2023. This is a growth of 13.92 percent from the last year.
