Central Bank, FTA sign MoU

Mon 26-02-2018 15:56 PM

ABU DHABI, 26th February, 2018 (WAM) — The UAE Central Bank has signed a Memorandum of Understanding, MoU, with the Federal Tax Authority, FTA, to facilitate tax collection through the UAE Funds Transfer System, UAEFTS, that offers a timely processing of fund transfers between bank accounts.

Mohammed Ali bin Zayed Al Falasi, Deputy Governor of the UAE Central Bank, and Khalid Ali Al Bustani, FTA Director-General, signed the MoU.

The MoU will enable taxpayers to make their payments electronically via their bank accounts using the UAEFTS, through the selection of fund transfer as a payment option.

Speaking on the announcement, Al Falasi said that CBUAE has provided the required support to FTA in order to streamline the process of tax collection. He also added that the Central Bank, being the operator of the UAEFTS, has undertaken the necessary steps towards enabling the use of the system by taxpayers to proceed with their payments in a very safe and efficient manner.

Al Bustani, in turn, said the agreement is a pioneering step that aims at providing electronic services as part of the management of tax system. He thanked the UAE Central Bank for its support in implementing the electronic linkage that allows all registered users to benefit from the services provided by the UAE Funds Transfer System.

He added that the success of the tax system is a shared responsibility that requires constructive and strategic cooperation between the government, business sector and society. This new electronic link will contribute significantly to the facilitation of the tax payment procedure for taxpayers through the debit of their accounts at the banks operating in the UAE.

Al Bustani explained that the UAE tax procedures are simple to comply with across all stages of tax transactions, starting from registration with the authority, to submitting declarations and making the payments that are due. He also added that these procedures have been implemented after thorough studies on international best practices in this field, which allows the registration process to be made through the electronic services available on the FTA’s website that provides comprehensive information and guidance to enhance awareness among the population about FTA’s directives regarding the UAE tax system.

WAM/Rola Alghoul/Nour Salman

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