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Maktoum bin Mohammed chairs assembly of Federal Tax Authority’s Board of Administrators, approves FTA’s monetary statements for 2022
His Highness briefed in regards to the Authority’s improvement tasks designed to constantly improve system effectivity
Board evaluations plans for implementing Company Tax aimed toward elevating the UAE’s standing as a number one world vacation spot for enterprise and funding
FTA is launching 4 transformative tasks as a part of its contributions to implementing the UAE’s new strategy for presidency operations
Board members evaluate the outcomes of the launch of the EmaraTax platform for digital tax companies
Refunds of tax incurred by residents on constructing their new houses, value AED131.06 million, made in Feb and March 2023, a rise of 13.9% from final 12 months
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and Chairman of the Board of Administrators of the Federal Tax Authority (FTA), chaired the second assembly of the FTA Board of Administrators for the 12 months 2023.
Through the assembly, the Board accepted the Authority’s monetary statements for 2022, and reviewed its efficiency indicators and improvement plans for the subsequent stage, which purpose to constantly increase the operational effectivity of tax methods and enhance the standard of companies supplied to prospects.
The FTA Board of Administrators was briefed about developments associated to the implementation of the Federal Decree-Regulation on the Taxation of Companies and Companies (the “Company Tax Regulation”), in addition to the Authority’s plans, preparations, and procedures on this regard. The assembly additionally lined the insurance policies and choices to be applied in collaboration with the Ministry of Finance to make sure the graceful execution of the Company Tax Regulation, which is efficient as of the primary fiscal 12 months starting on or after 1 June 2023. The Regulation goals to strengthen the UAE’s place as a number one world hub for enterprise and funding that maintains the best worldwide requirements of tax transparency.
The FTA’s transformational tasks
The Board of Administrators of the Federal Tax Authority was additionally briefed in regards to the progress of the FTA’s transformational tasks, which type a part of its contribution to implementing the brand new strategy to authorities work, in step with nationwide priorities and FTA’s key targets. The Authority is launching particular tasks aimed toward enhancing the nation’s competitiveness and realising its imaginative and prescient for the long run. Key tasks embody the Muwafaq bundle, designed to spice up ease of doing enterprise and tax compliance of small and medium-sized enterprises (SMEs) sector, the Specialised Tax Agent, the Digital Invoicing System, and the Company Tax System. These fast transformational tasks purpose to have a optimistic influence throughout all sectors in a brief time frame.
Built-in Tax System
Throughout its assembly, chaired by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the FTA Board of Administrators reviewed the progress made in implementing the built-in tax system, in addition to the outcomes of the profitable launch of the FTA’s superior built-in digital tax companies platform, EmaraTax. The platform was activated in December 2022, with all companies now accessible for taxpayers.
The FTA’s achievements
A complete report reviewed by the FTA Board of Administrators on the achievements, outcomes, and developments of the Authority’s current tasks reveals that the variety of registrants for Worth Added Tax (VAT) has reached 351,514, whereas there are 1,549 registrants for Excise Tax, and 467 Tax Brokers. The report additionally outlines key statistics relating to VAT and Excise Tax, periodic returns, the fee of taxes, and refund requests which were processed.
In accordance with the report, the Federal Tax Authority has accepted new functions from residents requesting refunds on the tax they incurred for constructing their new houses, value a complete of AED131,056,249 in February and March 2023, a development of 13.92% from final 12 months. It is a direct results of the seamless procedures applied by the FTA to allow residents to recuperate the tax incurred on constructing their new houses.
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