Federal Tax Authority in the United Arab Emirates
Federal Tax Authority is the government body of the UAE accountable for levying federal taxes. The UAE FTA was founded in 2016. It was a very important step in the development of the state. These are exactly the measures that provide for security, prosperity, and sustainability of future generations. The most important tasks of FTA include:
- Further promotion of economic diversification via fiscal policy;
- Reduction of the UAE dependence on oil prices;
- Assisting companies in raising awareness about the responsibility of business concerning taxes;
- Increasing the growth and sustainability of the economy of the United Arab Emirates.
The UAE is facing some difficulties because of the current events and recent regional and global tendencies. That is why it is highly important to develop a long-term strategy aimed at the diversification of the economy. The UAE is constantly looking for the ways to find new sources of revenue in order not to depend on oil prices too heavily. The authorities are focused on the future and have the clear vision of it.
Objectives of the UAE Federal Tax Authority
The main aim UAE Federal Tax Authority is striving to achieve include:
- Providing high-quality service. FTA in the UAE does its best to improve its services following international standards of management.
- Increasing tax revenues in accordance with the current state’s legislation. FTA in the UAE has to raise the awareness of companies concerning tax paying and prevent non-compliance with the existing regulations.
- Perform its duties effectively. FTA has to effectively interact with the taxpayers achieving maximum value for money.
- Improve the position of the UAE. Another responsibility of FTA is to take care of effective relations of people with the authorities and establish the environment where the taxpayer is supported.
Services of high-quality provided by the UAE Federal Tax Authority are significant as they improve the happiness and satisfaction of people with their lives. The existing UAE tax system is by all global standards. One of the main tasks of the UAE is to make sure that the taxpaying system is working smoothly, efficiently and transparently. The tax system of the country is essential for further development of the state. It guarantees sustainability and growth and enriches the UAE citizens and residents. The website of FTA contains information for individuals and legal entities concerning the latest changes, modifications and developments in tax regulations. For further information, please, refer to The Federal Tax Authority.
Implementation of tax regulations is essential because it sustains the main national priorities. The priority of the state is to make the UAE authorities to be reachable for the residents of the country. The second goal of the authorities is to promote the image of the UAE as the tourist destination and as the important investment direction. The third goal of the UAE is to make the taxation system of the state more efficient and comprehensible – businesses don’t have to experience any difficulties when complying with the existing regulations.
Nowadays, the UAE is not only a financial hub of the Middle East but also one of the main strategic players in the world market. The prospects of the state look secure and safe due to the measures consistently taken by the government. The UAE’s Federal Tax Authority works in accordance with the best international practices and requirements. Establishing of the UAE tax Authority was the significant measure aimed at securing prosperous future of the state and generations to come. It also increases the competitiveness of the country’s economy and facilitates the relations of the government bodies with the residents of the state.