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TAX LAWS LIKELY in Q3

Online registration for VAT in UAE from mid-September

ABU DHABI, August 15, 2017

An integrated online registration system for tax purposes will be open for businesses effective mid-September 2017, according to the UAE Federal Tax Authority (FTA).

The announcement was made at a media briefing by the FTA to highlight all aspects of the FTA's work and the functions it will undertake in the coming period, a Wam news agency report said.

The FTA also briefed media on the implications of the tax procedures for boosting the momentum of the UAE's sustainable economic development, building the future economy and continuing to provide high quality services.

Khalid Ali Al Bustani, director General of FTA, said: "The UAE has reached a very advanced stage regarding the legislative aspects of the tax system that is among the best in the world. Through the Ministry of Finance, which is authorised to issue tax legislation and policies, the Tax Procedures Law was issued earlier, to govern the relationship between the FTA and the taxable persons.

"The Excise Tax and VAT Laws are expected to be issued during the third quarter of this year and the regulations concerning both laws in addition to the Federal Tax procedures are expected to be issued during the fourth quarter of 2017," he added.

"Tax laws and procedures in the UAE are simple and easy to comply with, and were developed based on in-depth studies of all options and reviewing various international practices. The Tax Procedure Law is a legislative framework that defines the FTA’s system of work regarding the management, collection and implementation of federal taxes, and contributes to the promotion of the principles of governance and transparency in all tax transactions," Al Bustani said

"We have achieved important milestones in implementing the highest and best international standards. We have introduced an integrated tax management system that forms an electronic platform for registration, submission of tax returns and tax payable owed by the taxable persons. Further, we have developed innovative systems and integrated them with concerned departments/entities in Emirates governments such as customs’ departments for the purpose of managing and collecting taxes on import."

The taxes will be self-compliant and voluntary for business sectors, with swift taxation procedures that are electronic, fully automated and in accordance with the highest international standards.

"The tax laws and procedures will strengthen the UAE's economic development and enable it to be a real competitor among the world's advanced economies. This will be led by providing resources to support the expansion of key sectors that are related to the community, and providing the best services, especially in the fields of healthcare and education, and infrastructure projects," he added.

Al Bustani noted that the registration processes will begin first with blue-chip companies, as well as companies that produce and import excise goods, where further details will be provided in a later stage. The registration processes will be conducted through e-Services on the FTA’s website, which will be launched in the second half of this month (August) and will provide services 24 x 7, and will offer all the relevant information on the UAE taxes.




Tags: UAE | tax | VAT |

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