RAS AL-KHAIMAH, 31st January, 2018 (WAM) — The UAE’s electronic tax system is the most comprehensive in the region, said the Federal Tax Authority, FTA, at an introductory workshop it organised at the Department of Economic Development of Ras al-Khaimah.
The system facilitates the processing of taxes transparently and efficiently, boosting confidence in the tax regulations and ensuring widespread tax compliance, the FTA added.
Titled ‘Objectives and Procedures for Implementing Value Added Tax’, the workshop brought together specialists, officials and inspectors from Ras Al-Khaimah’s Department of Economic Development to set roadmaps and mechanisms to implement VAT, in addition to going over the support and services that the Authority offers to taxable persons in order to ensure a smooth roll-out of the tax system across the UAE.
The seminar was organised as part of the authority’s comprehensive awareness campaign, which includes a series of workshops and seminars on the principles of the tax system and its executive and control regulations, which target the public and private sectors alike, including departments of economic affairs; advisory bodies; chambers of commerce and industry; large, medium and small companies; and all parties involved in the implementation of the tax system.
During the workshop, FTA representatives offered a detailed explanation of the procedures to implement value added tax, as well as the framework for cooperation and coordination between the Authority and its strategic partners in the public and private sectors.
The representatives went on to note that the Authority has employed modern technologies to facilitate the VAT registration process, and the issuance of tax registration numbers, TRN, informing attendees that registration in the system is free and available round the clock through the FTA website’s e-Services portal. The registration procedure is straightforward: once on the website’s eServices portal, users can simply click “Register” and then verify their logins through a verification email sent to their address.
The Authority staff conducting the workshop urged attendees to ensure the accuracy of the information provided when registering in the system or submitting tax returns, and to duly attach all the required documents. VAT is a consumption tax imposed during all stages of the supply chain, the FTA representatives explained; it is collected by businesses on behalf of the Authority, whereby companies are required to submit tax returns on a regular basis stating the net VAT to be refunded.
Companies must maintain clear and complete tax records for the predetermined time periods, they added, outlining other regulations, including inventory control, as well as the terms and conditions of tax invoices and how to verify them. The seminar was followed by a question-and-answer session, addressing participants’ queries and concerns regarding the implementation of Value Added Tax.
Participants in the seminar applauded the FTA’s efforts to raise awareness around the UAE tax system, as well as the Authority’s responsiveness to enquiries and concerns from all economic sectors. They urged the Authority to hold similar seminars and workshops in the future to help achieve the desired objectives of the tax system.
The Federal Tax Authority reaffirmed that the comprehensive awareness campaign, which has been implemented over the course of several months, seeks to introduce all segments of society to the tax system, its objectives and procedures, as well as its positive impact on governmental development projects and the quality of services targeting the public.
The Federal Tax Authority has held a number of seminars and workshops this month about the UAE tax system for representatives from Abu Dhabi’s Department of Economic Development and the Department of Economic Development in Dubai, as well as for specialists in the of shipping, customs clearance and logistics sectors.