The Federal Tax Authority’s (FTA) said on Monday it adopted the proposed budget for 2019, adding it has successfully strengthened its partnership with the private sector.
At a meeting chaired by Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, the board discussed providing all necessary facilities to ensure self-compliance with tax regulations in a seamless manner supporting economic activities.
During the meeting, the board discussed a detailed report outlining the FTA’s achievements over the past period, as well as the latest developments with regards to the Authority’s activities, the registration process for Value Added Tax (VAT) and Excise Tax, import declarations, Tax Returns on Excise Tax and VAT, and audit procedures. The report revealed a high rate of tax compliance in the UAE.
“The few remaining months of 2018 and the coming year will witness great transformations with new mechanisms being launched, such as phase one of the Tax Refund for Tourists Scheme, which will be launched next month and become fully operational before the end of the year with an integrated digital infrastructure connecting stores, retail outlets, airports, land and seaports. This, in turn, promotes the UAE’s status as a leading destination on the international tourism map,” Shaikh Hamdan bin Rashid added.