FTA, SEDD organise 2nd Tax workshop for industrial investors

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

During the workshop, number of topics were discussed including the ongoing procedures undertaken by the Authority to simplify the tax procedures related to registration and submission of declarations, payment of due taxes and refunds. In addition, the way to complete the procedures were discussed which can be done through various channels such as the e-dirham system and by using the number "GIBAN" through the UAE system of money transfers "UAEFTS". 

In addition, the 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. Likely, the experts answered all the participants' inquiries and they emphasised that accuracy was needed during the implementation of tax procedures.

Commenting on this workshop, His Excellency Sultan Abdullah bin Hadda Al Suwaidi, SEDD Chairman, said that SEDD will continuously implement the strategy of cooperation and will surely work with its partners to provide its services in accordance with the best international practices. Likewise, added that the Department would work to support various economic sectors, especially the national industrial sector, as it is one of the most important economic sectors, and urge dealers of various categories to benefit from the services provided by SEDD in cooperation with local and federal authorities.

Furthermore, he illustrated that this virtual introductory workshop comes within the Department's plans and in coordination with the Federal Tax Authority concerns to raise the level of tax awareness among business sectors. Also, it sought to ensure that stakeholders in all economic activities are informed of work developments and tax procedures. Likely, it was done to assist investors to overcome the difficulties they may face in order to ensure the application of UAE tax regulations easily and to achieve the desired goals.

On the other hand, Khalid Ali Al Bustani, Director General of the Federal Tax Authority, stated that the workshop was organised due to the Authority concerns and efforts to raise tax awareness level among various sectors. Also, it sought to stress the continuous communication with workers in all economic activities. Such thing is important to inform them of the latest developments in tax procedures, to be acquainted with their opinions and to address any obstacles they may face in a way that ensures the application of tax systems easily, in a manner that achieves the desired objectives.

Moreover, Al Bustani revealed that Authority is keen to strengthen its partnerships with the concerned authorities in the public and private sectors and to achieve the objectives of the Authority, including raising tax awareness among the business sectors by organising seminars and introductory workshops in all emirates.

From her side, Mariam Nasir Al Suwaidi, Deputy Director of Industrial Affairs Department at SEDD, affirmed the Department’s keenness to cooperate with the Federal Tax Authority by organising a virtual workshop for industrial sector investors. She also stressed on SEDD’s concerns to support local industries looking to protect their commercial dues and ensure the continuity and growth of their business, especially under the current circumstances.

Additionally, Mariam Al Suwaidi pointed out that SEDD focuses on providing the best business and investment atmosphere that contributes to encouraging factories and companies to enhance their production and facilitating all means and capabilities to increase the volume of production. She also added that SEDD would continuously develop its services in a way that enhances all economic sectors and works with all local and federal authorities and institutions to provide and improve more services in order to support and overcome obstacles faced in the market.