CMA's Board of Directors approves the financial statements for the year 2022

Maktoum bin Mohammed directs to continue developing the services of the Federal Tax Authority in accordance with international practices

Maktoum bin Mohammed chairing the second meeting of the Board of Directors of the Federal Tax Authority for the year 2023. From the source

The Board of Directors of the Federal Tax Authority, chaired by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of the Board of Directors of the Federal Tax Authority, approved the financial statements of the Federal Tax Authority for the year 2022. During the second meeting of the Council this year, His Highness was briefed on the Authority's performance indicators and development plans for the next phase, which aim to continuously raise the operational efficiency of tax systems and continue to improve the quality of services provided to customers.

Service Development

During the meeting, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum directed the Federal Tax Authority's team to continue efforts to develop the services provided by the Authority and achieve high quality in them, in line with the best international practices and technologies, and in line with digital transformation plans, to enhance the country's competitiveness in providing services, and to achieve its vision to be the best government in the world with indicators of trust and efficiency, and the first destination for investment and business globally, by focusing on the customer, and raising efficiency to reach leadership. International in providing government services.

High performance

His Highness stressed the Authority's keenness to maintain high performance rates in all its activities, to improve the level of its services, and to strengthen its relations with all authorities concerned with the application of the tax system in the public and private sectors, to play its role to contribute to the implementation of policies to diversify the national economy, through the management and collection of federal taxes, in accordance with the latest international technologies.

Corporate Tax

His Highness was briefed on the latest developments in the implementation of the Federal Decree-Law on Corporate and Business Tax, the Authority's plans and preparations, the procedures it has taken, and the policies and decisions targeted to be implemented in cooperation with the Ministry of Finance, to ensure the smooth implementation of the Federal Decree-Law on Corporate and Business Tax, which applies to fiscal years starting on or after the first of June 2023, which aims to strengthen the UAE's position as a leading global center for business and investment, and to adhere to international standards for tax transparency.

Transformational Projects

The Board of Directors, chaired by His Highness, was briefed on the latest transformational projects of the Federal Tax Authority, as part of its contribution to the application of the new methodology for government work, based on national priorities and issues that the Authority contributes to achieving, through qualitative projects that move the country towards the future and enhance its competitiveness, including four projects: the "Muwafaq" package to facilitate doing business and tax compliance for the small and medium enterprises sector, the "Specialized Tax Agent", the "Electronic Invoicing System", and the "Application of Corporate Tax", as these projects aim at Major and rapid transformation to achieve a positive impact in all sectors, within short periods of time.

Integrated tax system

During its meeting chaired by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the Board of Directors of the Authority reviewed the latest developments in the implementation of the integrated tax system, and the results of the successful launch of the Federal Tax Authority's fully developed integrated platform for digital tax services "Emarat Tax", which has been activated and its services are available to taxable persons with the latest technologies used globally in the tax field, as of last December.

Registrants for "Value added" and "Selectivity"

A comprehensive report reviewed by the Council on the achievements, results and developments of the main existing projects of the Authority showed that the number of VAT registrants reached 351,514, and the number of excise tax registrants 1549, while the number of tax agents reached 467.

The report referred to statistics related to VAT and Excise Tax, receipt of periodic returns, payment of taxes due, and refund requests that have been processed.

Tax Refund Requests

The Federal Tax Authority (FTA) has approved new requests for citizens who refunded the tax they paid for the construction of their newly constructed homes, worth AED 131,56,249, during the months of February and March 2023, achieving a growth of 13.92% over last year, as a result of facilitating the procedures applied by the Authority to recover the tax paid for the construction of their new homes.