Dubai: The Dubai Chamber of Commerce and Industry recently organised and hosted a workshop in cooperation with the UAE’s Federal Tax Authority (FTA), the body said on Thursday.
The workshop was aimed at familiarising importers and exporters in Dubai with the forthcoming value-added tax (VAT), as well as the mandatory registration procedures associated with the new tax.
The second and final workshop, hosted at the Chamber’s premises, was attended by over 500 participants representing import and export businesses in the emirate. The event is part of the second phase of the joint effort by the UAE Ministry of Finance and the FTA’s tax awareness programme, which aims at keeping the UAE’s business community informed on new tax laws and compliance procedures.
Khalid Ali Al Bustani, Director General of the Federal Tax Authority, said in a statement: “The workshops provide an ideal platform to raise awareness and engage the business community about the compliance requirements and procedures that need to be completed as they prepare for VAT. In addition, these events aim to enhance businesses’ understanding of how the tax system works, as well as the objective behind introducing it in the UAE.”
The FTA’s Director General explained that importers and exporters are a vital part of the UAE’s economy that stand to play a greater role in the country’s sustainable development going forward. He described the registration process for VAT as simple, efficient, and transparent, and added that the tax procedures fall in line with the best international standards.