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Tuesday, February 27, 2024

FTA’s flagship projects yield remarkable results

The Federal Tax Authority (FTA) has reported successful outcomes from its transformative projects, the “Muwafaq Package” and the “Specialised Tax Agent.” These initiatives, launched this year, have significantly streamlined compliance processes for taxpayers, aligning with the UAE Government’s strategic approach for rapid economic transformation.

The “Muwafaq Package” targets SMEs, offering tailored tax solutions to support and empower youth within the sector.

Meanwhile, the “Specialised Tax Agent” project allows taxpayers to choose agents based on their specific sectors, enhancing efficiency.

Khalid Ali Al Bustani, FTA’s Director-General, highlighted the positive impact of these initiatives in fostering a conducive environment for self-compliance with tax regulations, contributing to the UAE’s competitiveness.

The FTA emphasized its commitment to expanding innovative tax compliance solutions based on taxpayer feedback.

The “Muwafaq Package” benefits over 51,660 SME taxpayers through services like affordable tax accounting software, immediate tax relationship manager appointments, and workshops to enhance tax understanding.

The “Specialised Tax Agent” initiative, designed to facilitate sector-specific agent selection, has resulted in a significant rise in online connections between taxpayers and accredited agents.

The FTA’s efforts to educate and promote the initiative have led to substantial growth in agent registrations and visits to the agency’s website.

The FTA has collaborated with various entities to offer additional benefits under the “Muwafaq Package.” It has also held awareness workshops and coordinated meetings to promote the “Specialised Tax Agent” initiative and classify agents based on their expertise.

In summary, the FTA’s transformative projects have achieved impressive results, simplifying tax compliance and contributing to the UAE’s economic advancement.

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