Dubai Chambers and FTA sign deal to promote awareness of UAE tax system
- 07 Feb 2024
Dubai Chambers and the UAE’s Federal Tax Authority (FTA) have announced a new strategic partnership to promote awareness of the country’s tax system.
The initiative is aimed at helping private sector companies, business owners, and investors to make smarter decisions about how they work, comply with tax laws, and achieve business growth.
The two parties will collaborate to foster a culture that supports the government’s strategic objectives and enhances the UAE’s global economic competitiveness while enabling private sector companies in Dubai to thrive and contribute to the emirate’s sustainable economic growth.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “Our new partnership with the FTA will enhance awareness of tax laws and help to ensure companies in Dubai fulfil their tax obligations. This important initiative reflects our commitment to providing comprehensive support to the private sector by improving the business community’s ability to keep pace with the latest legislative developments.”
“The UAE’s tax regime and administrative requirements have been tailored to the needs of diverse business sectors in a way that enables companies to drive sustainable economic growth, create job opportunities, and invest for the future while supporting society at large through tax revenues.”
Khalid Ali Al Bustani, Director General of the Federal Tax Authority (FTA), said: “Signing the Memorandum of Understanding between the Authority and Dubai Chambers reflects the deep-seated bilateral collaboration and distinguished relations between the two entities, and aligns with the FTA’s strategy to enhance strategic partnerships with institutions involved with taxes in the government and private sectors. This contributes to the sustainable development of the tax system and maintains a tax environment that encourages compliance according to the best governance and transparency standards, ensuring the delivery of exceptional services to the business community, investors, and entrepreneurs.”
“We thank Dubai Chambers for its efforts and role in making this MoU a reality,” he added. “We look forward to seeing tangible positive impacts, driving further development in the services provided to taxpayers, and encouraging them to ensure self-compliance. This agreement provides an effective model for collaborating on intensifying tax awareness activities and organising more workshops and informational sessions to promote a tax culture among business sectors in general, particularly in the Emirate of Dubai.”
The partnership agreement between Dubai Chambers and the FTA sets out collaboration on multiple initiatives aimed at raising awareness about the various types of tax that apply to companies in the UAE, as well as the importance of tax registration and its role in diversifying the national economy.