FTA, UAQ Chamber Collaborate To Promote Tax Awareness Among Businesses

DUBAI, (UrduPoint / Pakistan Point News / WAM - 21st Sep, 2023) The Federal Tax Authority (FTA) has signed a Memorandum of Understanding (MoU) with the Umm Al Quwain Chamber of Commerce and Industry to cooperate on promoting a tax culture among business sectors and contribute to the UAE’s strategy and vision to support the private sector, entrepreneurs, and investors.

The agreement was signed by Khalid Ali Al Bustani, Director-General of the FTA, and Ammar Rashid Al Aleeli, Director-General of the Umm Al Quwain Chamber.

Signed at the FTA’s headquarters in Dubai, the MoU forms part of the efforts to intensify tax awareness activities, and establishes a framework for collaboration between the Authority and the Chamber to organise more workshops and awareness sessions for business sectors, entrepreneurs, and investors, particularly in the Emirate of Umm Al Quwain, familiarising them with the objectives of the tax system and its implementation procedures.

Al Bustani said, “The memorandum of understanding that the Federal Tax Authority has signed with the Umm Al Quwain Chamber of Commerce and Industry serves to establish effective frameworks for bilateral cooperation to continuously upgrade the services we provide to support and assist business sectors. This aligns with the Authority’s plans to create a tax environment that encourages compliance, in accordance with the highest governance and transparency standards, by implementing continuous awareness plans that target all business categories and familiarise them with tax legislation and procedures using diverse methods and providing clear information.”

“The Authority consistently seeks to enhance its strategic partnerships with all relevant federal and local government entities, as well as with the private sector,” he added. “These partnerships play a fundamental role in the successful implementation of the tax system, especially with regards to raising tax awareness among business sectors and consumers, which, in turn, helps increase voluntary tax compliance.”

For his part, Al Aleeli said, “Umm Al Quwain Chamber of Commerce and Industry is committed to supporting the Federal Tax Authority’s vision in the tax sector by hosting specialised conferences, seminars, and workshops, in coordination with the Authority, as a means to highlight key tax-related laws and procedures.

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“This collaboration with the Authority contributes to raising tax awareness among our members at the Chamber and ensuring their compliance, which, in turn, strengthens commitment among all member companies, including small and medium-sized enterprises, in service of the public interest,” he added.

Under the terms of the MoU, the FTA and the Umm Al Quwain Chamber will enhance their coordination with regard to participating in economic events and meetings with trade delegations related to the tax sector. The two parties will also jointly organise activities to promote compliance with tax legislation and highlight the tax system’s role in diversifying income sources, which helps in maintaining the elevated levels of well-being that the UAE strives to provide for citizens, residents, and visitors.

The memorandum of understanding outlines a framework for cooperation to expand the base of beneficiaries from the Muwafaq Package initiative in Umm Al Quwain. The initiative aims to facilitate business operations and tax compliance for small and medium-sized enterprises (SMEs), providing innovative tax solutions to support and empower youth in the sector and enhance their role across various economic sectors.

Furthermore, the agreement aims to organise joint events where expert teams from the FTA provide informative sessions for business communities in Umm Al Quwain. This is aimed at strengthening the tax culture, familiarising all stakeholders with their rights and obligations under the tax system, identifying any obstacles they may face for immediate resolution, and supporting the Federal Tax Authority’s strategic plan for awareness and education, which was launched to familiarise stakeholders with the tax legislation, procedures, and compliance requirements applicable in the UAE.