His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Chairman of the Board of Directors of the Federal Tax Authority (FTA), has chaired a meeting of the FTA's Board of Directors, which included the approval of the Authority's financial statements for 2022. During the meeting, the Board was briefed on the Authority's development projects aimed at continuously enhancing system efficiency, and reviewed plans for implementing Corporate Tax that would raise the UAE's status as a leading global destination for business and investment.
The FTA is launching four transformative projects as part of its contributions to implementing the UAE's new approach to government operations. The Muwafaq package, designed to boost ease of doing business and tax compliance of small and medium-sized enterprises, the Specialised Tax Agent, the Electronic Invoicing System, and the Corporate Tax System are among the projects aimed at enhancing the country's competitiveness and realising its vision for the future.
During the meeting, the FTA Board of Directors reviewed the progress made in implementing the integrated tax system, as well as the results of the successful launch of the FTA's advanced integrated digital tax services platform, EmaraTax. The platform was activated in December 2022, with all services now available for taxpayers.
The FTA Board of Directors also reviewed a comprehensive report on the Authority's achievements, results, and developments, which revealed that the number of registrants for Value Added Tax has reached 351,514, while there are 1,549 registrants for Excise Tax, and 467 Tax Agents. The report also outlines key statistics regarding VAT and Excise Tax, periodic returns, the payment of taxes, and refund requests that have been processed.
According to the report, the Federal Tax Authority has approved new applications from citizens requesting refunds on the tax they incurred for building their new homes, worth a total of AED131,056,249 in February and March 2023, a growth of 13.92% from last year. This is a direct result of the seamless procedures implemented by the FTA to enable citizens to recover the tax incurred on building their new homes.
Overall, the meeting of the FTA's Board of Directors, chaired by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, highlighted the Authority's commitment to continuously enhancing system efficiency, improving the quality of services provided to customers, and contributing to the implementation of the UAE's new approach to government operations.
Like
403
