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The Finance World Magazine| Edition: April 2023

The April edition of The Finance World Magazine (TFW) delves into the world of disruptive investment and its potential to transform markets, featuring an exclusive interview with Hadif Abdullah Zamzam, Senior Associate – Value Creation, Disruptive Investments at Mubadala, who shares his insights on this topic. In addition, we feature interviews with prominent CEOs, including Nilay Ranjan Singh of State Bank India, DIFC, Raman Thiagarajan, CEO & Founder of Zenda, and Naveen Bharadwaj, Group CEO of Trescon. They provide valuable insights on various topics related to business and investments, particularly in the fintech area. Through this edition, we also bring you insights on topics like the UAE and Turkey CEPA agreement that sets the ground for novel business opportunities, cryptocurrency adoption in the UAE and how it is expected to disrupt trade and payment systems, buying and selling properties in Dubai and strategies to boost profitability, and many more articles that offer critical analysis and insights on current trends and issues in the business and investment domains. Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.

The April edition of The Finance World Magazine (TFW) delves into the world of disruptive investment and its potential to transform markets, featuring an exclusive interview with Hadif Abdullah Zamzam, Senior Associate – Value Creation, Disruptive Investments at Mubadala, who shares his insights on this topic.


In addition, we feature interviews with prominent CEOs, including Nilay Ranjan Singh of State Bank India, DIFC, Raman Thiagarajan, CEO & Founder of Zenda, and Naveen Bharadwaj, Group CEO of Trescon. They provide valuable insights on various topics related to business and investments, particularly in the fintech area.

Through this edition, we also bring you insights on topics like the UAE and Turkey CEPA agreement that sets the ground for novel business opportunities, cryptocurrency adoption in the UAE and how it is expected to disrupt trade and payment systems, buying and selling properties in Dubai and strategies to boost profitability, and many more articles that offer critical analysis and insights on current trends and issues in the business and investment domains.


Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.

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<strong>The</strong> Customer Councils initiative aims to<br />

improve government services by aligning with<br />

customer needs, improving communication,<br />

and streamlining service access.<br />

<strong>The</strong> FTA recently introduced a<br />

new feature to the EmaraTax<br />

platform that allows tax system<br />

registrants to use their UAE<br />

PASS digital identity for all procedures<br />

and services. <strong>The</strong> FTA collaborated<br />

with relevant authorities to ensure<br />

the highest standards of security,<br />

confidentiality, and accuracy of<br />

information and procedures.<br />

<strong>The</strong> primary goal of the new feature<br />

is to improve user experience, speed up<br />

processes, and meet the aspirations of<br />

customers. Moreover, the introduction<br />

of the new feature is part of the UAE’s<br />

wider digital transformation initiative.<br />

Abdulla Al Bastaki, Executive Director<br />

of the Information Technology Sector at<br />

the FTA, has urged all FTA customers<br />

to activate their UAE PASS accounts<br />

and utilize the new feature to access the<br />

Authority’s services easily and quickly<br />

from their devices and smartphones<br />

without the need to create new login<br />

details.<br />

Al Bastaki explained that launching<br />

the single sign-on feature using UAE<br />

PASS forms part of the continuous<br />

development and upgrading of<br />

government services, using the UAE’s<br />

advanced digital infrastructure, which is<br />

among the most developed not only in<br />

the region but also internationally. “All of<br />

this was made possible by the forwardlooking<br />

vision of our wise leadership,<br />

which aims to forecast the future with<br />

strategies and initiatives designed to<br />

enhance the efficiency of government<br />

systems, improve quality of life for<br />

individuals, establish a sustainable<br />

environment, and promote happiness<br />

and wellbeing in the community,” he<br />

said. “<strong>The</strong> agreement also aims to offer<br />

an added value for users, allowing them<br />

to save time, cost, and effort, while<br />

offering them faster processing time<br />

for services and increased flexibility<br />

of data communication.”<br />

On the other hand, <strong>The</strong> FTA has<br />

initiated a ‘Customer Council’ program<br />

to enhance the quality of government<br />

services by engaging customers in<br />

the process of designing innovative<br />

experiences around their own ideas and<br />

suggestions. As part of this initiative,<br />

the FTA convened a Customer Council<br />

meeting at Majlis Umm Suqiem in Dubai<br />

to discuss ways to bolster tax culture<br />

and meet customers’ expectations.<br />

<strong>The</strong> session brought together<br />

representatives from various business<br />

sectors and stakeholders from the tax<br />

sector. During the meeting, FTA experts<br />

provided an overview of the UAE tax<br />

system and its advanced procedures<br />

that encourage voluntary compliance<br />

among businesses with easy and quick<br />

processes that are in accordance with<br />

best practices.<br />

During the Customer Council<br />

organized by the FTA, various issues<br />

related to the tax system, procedures,<br />

and legislation were discussed. <strong>The</strong>se<br />

included procedures for submitting<br />

requests for reconsideration, requests<br />

to pay administrative penalties in<br />

installments or be exempt from them,<br />

procedures and required documents<br />

for registration and deregistration,<br />

procedures for submitting voluntary<br />

declaration requests, and documents<br />

required to submit refund requests.<br />

<strong>The</strong> council also discussed the services<br />

provided by the Authority and its future<br />

directions. It was emphasized that all<br />

requirements must be adhered to and<br />

that the Authority-approved forms<br />

should be used.<br />

Furthermore, the FTA discussed<br />

typical mistakes that people make during<br />

registration, tax return submission, and<br />

payment of taxes, and provided tips on<br />

how to avoid them. FTA experts also<br />

fielded questions from representatives<br />

of various business sectors and listened<br />

to their opinions and suggestions for<br />

improving FTA services and procedures,<br />

which is a key objective of the FTA’s<br />

Customer Council initiative. <strong>The</strong> FTA<br />

reiterated its commitment to holding<br />

these meetings regularly in order to<br />

promote tax awareness across all<br />

business sectors and to provide them<br />

with the necessary information and<br />

support to overcome any challenges<br />

they may face.<br />

<strong>The</strong> Customer Council initiative<br />

aims to align government services<br />

with customer needs, improve<br />

communication, and streamline the<br />

process for accessing services. It<br />

also seeks to identify innoVATive<br />

ways to enhance government services<br />

and establish effective and direct<br />

communication channels with<br />

customers from different segments,<br />

providing opportunities to present ideas<br />

and initiatives that serve them, as well<br />

as explore ways to improve services.<br />

Additionally, the initiative provides a<br />

platform to present key projects that<br />

were developed based on feedback<br />

and suggestions received during the<br />

Customer Council meetings.<br />

<strong>April</strong> <strong>2023</strong> www.thefinanceworld.com 81

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