Federal Financial System becomes VAT compliant

Dubai

The Ministry of Finance (MoF) announced that the Federal Financial System has been updated and is ready to manage all financial transactions related to the value-added tax (VAT).

The statement said that all federal entities linked to the Federal Financial System are able to perform various VAT-related transactions through the system, which has been updated in conjunction with the VAT implementation.

Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, stressed MoF’s commitment to developing and enhancing its service operations.

MoF provides a fully-integrated system, a technical support team, as well as a toll-free telephone number dedicated to responding to VAT-related inquiries of federal entities linked to the Federal Financial System.

“MoF is committed to developing the Federal Financial System, improving its quality of service through advanced information technology, and enhancing the service level provided to ministries and federal entities. This will support MoF in achieving its vision of becoming a global leader in the fiscal field and to contribute to achieving UAE Vision,” he said.