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bay today, Journalist
The Federal Tax Authority (FTA) will in a few days launch EmaraTax, a new and improved integrated digital tax services platform, which will be the cornerstone of our efforts to shape the future of the UAE tax system,” asserted Khalid Ali Al Bustani, Director General of the FTA at the Authority for Awareness workshop organized by the platform.
The symposium, titled “The EmaraTax Platform and its role in strengthening FTAs in preparation for an advanced future tax regime”, is one of a series of events organized by the Authority to mark World Futures Day.
“The launch of the EmaraTax digital platform, followed by a dedicated smartphone app, is part of the Federal Revenue Service’s ongoing modernization plan to prepare for a more developed future and achieve the main objective of the Free Trade Agreement to become a world leader in taxation or,” said Al Bustani.
“Over the course of several months, the Authority has worked with the Administration to vigorously build the digital EmaraTax platform based on the latest technologies used in the global tax field,” he added. “The platform is a significant leap forward in the tax upgrade plan and in achieving the Authority’s strategic objective to drive digitization of all its services, in line with the UAE’s comprehensive digital transformation.”
The Director General of FTA went on to point out that the team responsible for implementing the EmaraTax digital tax services platform and smart applications worked hard to create an integrated portal to enhance and simplify the experience of FTA clients, enabling them to manage their tax business efficiently, quickly, seamlessly and transparently.
“Throughout the development of the EmaraTax platform, the Authority has worked to integrate its services with those provided by other relevant government entities, including the Central Bank, and national programs such as UAE PASS, to simplify and optimize the use of shared data, thereby facilitating user’s operations and services,” concluded Al Bustani.
Meanwhile, Alpen Capital’s latest retail industry report for the GCC expects the industry to exceed pre-pandemic levels in 2022, with year-on-year growth of 15.7% and $296.8 billion in revenue. The industry is expected to grow further at a compound annual growth rate (CAGR) of 5.7% until 2026, it added.
UAE-based investment banking consultancy Alpen Capital recently released its latest GCC Retail Industry Report, offering forecasts for the industry, analyzing recent trends, growth drivers and challenges facing this dynamic segment. It also profiles some of the well-known retail companies in the region.
“The GCC retail sector is expected to grow at a healthy pace due to favorable demographics, improving macroeconomic factors and recovery in tourism. The sector is also expected to benefit from the government’s push to diversify the economy and omni-channel business models growing prominence. The industry has been hit hard by the restrictions imposed during the pandemic; Need to expand its digital presence to remain relevant and compete with regional and international players,” said Sameena Ahmad, Managing Director, Alpen Capital (ME) Limited.
“GCC retail is in a transition phase, with the pandemic impacting consumer behavior and buying patterns while putting e-commerce at the forefront of retail. Operators have shifted their focus to brand acquisitions to strengthen their geography influence and expand and diversify their product offerings. Larger e-commerce players may acquire niche operators offering customized products and services. Going forward, we expect industry consolidation to intensify to drive profitability and gain market share and improve operational efficiency,” said Krishna Dhanak, Managing Director, Alpen Capital (ME) Limited.
According to Alpen Capital, retail sales in the GCC are expected to grow at a CAGR of 5.7% between 2022 and 2026, reaching $370 billion.
The industry is expected to witness new growth driven in large part by an expected rebound in economic activity, rising population, upcoming large events and the growing adoption of digital technologies. The local government is also investing heavily to bolster the leisure and entertainment sector, while boosting tourism and hospitality infrastructure as it witnesses an influx of tourists post-pandemic.
Non-food retail sales are expected to grow at a CAGR of 6.2% from 2022 to 2026, while food retail sales are expected to grow at a CAGR of 4.9% during this period.
Retail sales in GCC countries are projected to grow at CAGRs of 3.5% and 7.3% from 2022 to 2026. Saudi Arabia and the UAE continue to lead the region in terms of retail sales, accounting for a cumulative 78.5% of total sales by 2026. This is largely due to its large and diverse population base, liberalization of policies, and growing demand for unique shopping experiences. Retail sales in the UK and UAE are expected to grow at a CAGR of 6.5% and 5.1%, respectively, from 2022 to 2026.
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