UAE’s FTA reviews corporate tax law draft at Board of Director meet

Dubai: The UAE Federal Tax Authority has done an assessment on the progress made on developing the country’s upcoming Corporate Tax law, which will come into effect on June 1, 2023.

At the Board of Directors’ meeting, a report on the FTA’s plans to develop and enhance the tax system’s procedures and bring them in line with best practices was also reviewed. Services will also be upgraded to customers through fast, accurate, and easy-to-use digital platforms. The report called for a set of procedures and initiatives to further advance the FTA’s performance through continuous follow-up to raise the efficiency of the tax system to meet taxpayers’ aspirations.

The meeting was chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the FTA Board of Directors.

Sheikh Maktoum issued directives to maintain the pace of upgrades made to the FTA’s services, in line with international best practices which were developed to boost the UAE’s competitive edge in terms of services provided.

The reports presented at the meeting show up the FTA’s efforts to maintain high performance scores across all activities. “The Federal Tax Authority is committed to strengthening its relations with all entities involved in implementing the tax system in the government and private sectors, and to fulfilling its role in driving nationwide economic diversification policies through the administration and collection of federal taxes, in line with best practices,” Sheikh Maktoum said.

“The Authority is constantly reviewing the executive regulations it issues for each tax legislation in order to ensure top-level performance and streamlined procedures.”

“The stages ahead will witness sweeping developments and upgrades to tax systems and procedures in order to enhance the quality of the FTA’s services.”