FTA, SEDD hold tax workshop for industrial investors

The Federal Tax Authority (FTA) and Sharjah Economic Development Department (SEDD) organised the second virtual tax workshop for investors in the industrial sector.

This workshop dealt with the country’s legislation and tax procedures, with the aim of overcoming obstacles that investors may face to provide support to companies and factories operating in the emirate. Also, it highlighted procedures related to value added taxes, as well as FTA’s role in administering and collecting federal taxes, based on the best standards to encourage and support taxpayers to comply with tax regulations.

During the workshop, a number of topics were discussed, including the ongoing procedures undertaken by the Authority to simplify tax procedures related to registration and submission of declarations, as well as payment of due taxes and refunds. In addition, the methods to complete the procedures were discussed, which can be done through various channels, such as the e-dirham system and by using the Generated International Bank Account Number(GIBAN) through the UAE Funds Transfer System (UAEFTS).

In addition, experts from FTA provided an explanation about common mistakes, ways to avoid them, and the numerous tax awareness tools that the Authority provides through its website. Also, the experts answered participants’ questions and they emphasised that accuracy was needed during the implementation of tax procedures.

WAM