The Finance World Magazine| Edition: April 2023

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Corporate Tax UAE’s Federal Tax Authority Sets the Ground to a Seamless Corporate Tax System The Federal Tax Authority (FTA) in the UAE has recently announced measures to establish a seamless corporate tax system in the country. The new system aims to streamline tax administration and improve compliance, making it easier for businesses to meet their tax obligations. In this article, we will highlight the FTA’s latest efforts, which are part of the UAE’s ongoing efforts to diversify its economy and reduce its reliance on oil revenue, while also ensuring that the country’s tax regime is aligned with international standards. 80 www.thefinanceworld.com April 2023
The Customer Councils initiative aims to improve government services by aligning with customer needs, improving communication, and streamlining service access. The FTA recently introduced a new feature to the EmaraTax platform that allows tax system registrants to use their UAE PASS digital identity for all procedures and services. The FTA collaborated with relevant authorities to ensure the highest standards of security, confidentiality, and accuracy of information and procedures. The primary goal of the new feature is to improve user experience, speed up processes, and meet the aspirations of customers. Moreover, the introduction of the new feature is part of the UAE’s wider digital transformation initiative. Abdulla Al Bastaki, Executive Director of the Information Technology Sector at the FTA, has urged all FTA customers to activate their UAE PASS accounts and utilize the new feature to access the Authority’s services easily and quickly from their devices and smartphones without the need to create new login details. Al Bastaki explained that launching the single sign-on feature using UAE PASS forms part of the continuous development and upgrading of government services, using the UAE’s advanced digital infrastructure, which is among the most developed not only in the region but also internationally. “All of this was made possible by the forwardlooking vision of our wise leadership, which aims to forecast the future with strategies and initiatives designed to enhance the efficiency of government systems, improve quality of life for individuals, establish a sustainable environment, and promote happiness and wellbeing in the community,” he said. “The agreement also aims to offer an added value for users, allowing them to save time, cost, and effort, while offering them faster processing time for services and increased flexibility of data communication.” On the other hand, The FTA has initiated a ‘Customer Council’ program to enhance the quality of government services by engaging customers in the process of designing innovative experiences around their own ideas and suggestions. As part of this initiative, the FTA convened a Customer Council meeting at Majlis Umm Suqiem in Dubai to discuss ways to bolster tax culture and meet customers’ expectations. The session brought together representatives from various business sectors and stakeholders from the tax sector. During the meeting, FTA experts provided an overview of the UAE tax system and its advanced procedures that encourage voluntary compliance among businesses with easy and quick processes that are in accordance with best practices. During the Customer Council organized by the FTA, various issues related to the tax system, procedures, and legislation were discussed. These included procedures for submitting requests for reconsideration, requests to pay administrative penalties in installments or be exempt from them, procedures and required documents for registration and deregistration, procedures for submitting voluntary declaration requests, and documents required to submit refund requests. The council also discussed the services provided by the Authority and its future directions. It was emphasized that all requirements must be adhered to and that the Authority-approved forms should be used. Furthermore, the FTA discussed typical mistakes that people make during registration, tax return submission, and payment of taxes, and provided tips on how to avoid them. FTA experts also fielded questions from representatives of various business sectors and listened to their opinions and suggestions for improving FTA services and procedures, which is a key objective of the FTA’s Customer Council initiative. The FTA reiterated its commitment to holding these meetings regularly in order to promote tax awareness across all business sectors and to provide them with the necessary information and support to overcome any challenges they may face. The Customer Council initiative aims to align government services with customer needs, improve communication, and streamline the process for accessing services. It also seeks to identify innoVATive ways to enhance government services and establish effective and direct communication channels with customers from different segments, providing opportunities to present ideas and initiatives that serve them, as well as explore ways to improve services. Additionally, the initiative provides a platform to present key projects that were developed based on feedback and suggestions received during the Customer Council meetings. April 2023 www.thefinanceworld.com 81
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The UAE To Extend the Prospects of
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SUBSCRI B E N O W March 2023 FEBRUA
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Contents March 2023 PERSONAL FINANC
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Personal Finance Understand Your Cr
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UAE Banking UAE residents get a cha
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UAE Banking News UAE Banks’ Inves
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UAE Reforms Central banks of UAE an
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Fintech Eight UAE-Based Fintech Sta
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Fintech News DIFC’s Fintech and I
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Fintech Application OG Pay OG Pay i
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Business UAE and Turkey CEPA Agreem
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Business News UAE-Turkey non-oil tr
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Wheels FERRARI F8 TRIBUTO The Ferra
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Cover Story Hadif Abdullah Zamzam,
Page 30 and 31: Cover Story Industries slow to adop
Page 32 and 33: Start-up Four Promising Dubai-Based
Page 34 and 35: Startup News Saudi Arabia start-ups
Page 36 and 37: Energy 36 www.thefinanceworld.com A
Page 38 and 39: Energy International Finance Corpor
Page 40 and 41: Energy News ACWA Power signs deal f
Page 42 and 43: Wheels BMW 7 SERIES The 2023 BMW 7
Page 44 and 45: Healthcare The UAE’s Healthcare s
Page 46 and 47: Healthcare News UAE Residents Embra
Page 48 and 49: Interview Nilay Ranjan Singh, CEO o
Page 50 and 51: Mergers & Acquisitions M&A Deals in
Page 52 and 53: Merger and Acquisition News Egis an
Page 54 and 55: Cryptocurrency Cryptocurrency Adopt
Page 56 and 57: Cryptocurrency sector in the Emirat
Page 58 and 59: Cryptocurrency News Dubai Crypto Ce
Page 60: Interview Naveen Bharadwaj, Group C
Page 63 and 64: Exclusive to The Finance World Maga
Page 65 and 66: v Finding a Reputable Real Estate A
Page 67 and 68: Real Estate News Inside Tria Tower:
Page 69 and 70: TECH MY MONEY Apple M2 Max MacBook
Page 71 and 72: His Highness Sheikh Mohammed bin Ra
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Page 87 and 88: Travel News Aviation Industry in Mi
Page 89 and 90: LG OLED evo C3 series 4K smart TV T
Page 91 and 92: Sports infrastructure investments c
Page 93 and 94: The Dubai Sports Council approves n
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The Finance World Magazine| Edition: April 2023

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