UAE’s Federal Tax Authority reviews corporate tax law draft

UAE’s Federal Tax Authority reviews corporate tax law draft

The UAE Federal Tax Authority has done an assessment on fostering the country’s upcoming Corporate Tax law, which will become effective on June 1, 2023. At the Board of Directors’ meeting, a report on the FTA’s plans to create and improve the tax system’s procedures and align them with best practices was also reviewed. Services will also be upgraded to customers through quick, accurate, and easy-to-use digital platforms. The report required a set of procedures and initiatives to further advance the FTA’s performance through continuous development to raise the efficiency of the tax system to meet taxpayers’ expectations.

The reports presented at the meeting show up the FTA’s efforts to keep up with high-performance scores across all activities. The Federal Tax Authority is focused on strengthening its relations with all entities associated with the tax system in the government and private sectors. The Authority is constantly assessing the executive regulations for each tax legislation to guarantee top-level performance and smoothed out procedures. To fulfill its role in driving national economic broadening policies through the administration and collection of federal taxes, in accordance with best practices says Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance, and Chairman of the FTA Board of Directors.