FTA, SEDD Organise Second Tax Workshop For Industrial Investors

SHARJAH, (UrduPoint / Pakistan Point News / WAM - 10th Apr, 2021) The Federal Tax Authority (FTA) and Sharjah Economic Development Department (SEDD) organised the second virtual tax workshop for investors in the industrial sector.

This workshop dealt with the country’s legislation and tax procedures, with the aim of overcoming obstacles that investors may face to provide support to companies and factories operating in the emirate. Also, it highlighted procedures related to value added taxes, as well as FTA’s role in administering and collecting federal taxes, based on the best standards to encourage and support taxpayers to comply with tax regulations.

During the workshop, a number of topics were discussed, including the ongoing procedures undertaken by the Authority to simplify tax procedures related to registration and submission of declarations, as well as payment of due taxes and refunds. In addition, the methods to complete the procedures were discussed, which can be done through various channels, such as the e-dirham system and by using the Generated International Bank Account Number(GIBAN) through the UAE Funds Transfer System (UAEFTS).

In addition, experts from FTA provided an explanation about common mistakes, ways to avoid them, and the numerous tax awareness tools that the Authority provides through its website.

Also, the experts answered participants' questions and they emphasised that accuracy was needed during the implementation of tax procedures.

Commenting on this workshop, Sultan Abdullah bin Hadda Al Suwaidi, SEDD Chairman, said that SEDD will continuously carry out the strategy of cooperation and will work with its partners to provide services, in accordance with best international practices. Likewise, he added that the Department would work to support various economic sectors, especially the national industrial sector, as it is one of the nation’s most important economic sectors, and urge dealers of various categories to benefit from the services provided by SEDD, in cooperation with local and federal authorities.

Additionally, Mariam Al Suwaidi pointed out that SEDD focuses on providing the best business and investment atmosphere that contributes to encouraging factories and companies to enhance their production, and assisting all means and capabilities to increase the volume of production. She added that SEDD would continuously develop its services in a way that enhances all economic sectors and works with all local and federal authorities and institutions to provide and improve more services, in order to support and overcome obstacles faced in the market.