The Federal Tax Authority (FTA) has announced the signing of a membership agreement with Etihad Credit Bureau, the federal entity mandated with regularly collecting credit information from financial and non-financial institutions in the UAE.
The agreement, the two shared, is aimed at strengthening bilateral cooperation and will see the FTA benefit from the Bureau’s services and credit information database to enhance tax compliance in the UAE.
Further, it aims to establish an electronic link between the two entities, enabling the Authority to directly access credit reports provided by the Bureau, using them to strengthen compliance with tax legislation based on authenticated and accurate information and assessments.
The agreement allows authorised personnel from the Federal Tax Authority to access taxpayers’ credit reports through Etihad Credit Bureau’s database, which facilitates and expedites tax audit procedures and ensures the accuracy of data in tax returns.
Direct digital procedures using an electronic link between the Authority and the Bureau provide immediate and accurate updates on the credit status of taxpayers.
The agreement was signed by His Excellency Khalid Ali Al Bustani, Director General of the FTA, and H.E. Marwan Ahmad Lutfi, Director General of Etihad Credit Bureau, at the FTA headquarters in Dubai.
“The membership agreement we have signed with Etihad Credit Bureau sets an effective framework for bilateral cooperation, which, in turn, serves to strengthen efforts towards maintaining high rates of tax compliance in the UAE,” commented H.E. Khalid Ali Al Bustani.
Adding: “We strive to achieve this objective by establishing an electronic link, allowing the Federal Tax Authority to directly benefit from the Bureau’s distinctive services and database, where we can refer to credit reports related to taxpayers, if needed, to ensure accuracy in tax procedures.”
“This initiative forms part of the Authority’s plans to enhance its strategic partnerships with relevant government and private-sector entities. It enables us to rely on efficient procedures to perform tax audits, ensure the accuracy of Tax Returns, and bring added value by saving time and effort. It also allows us to benefit from flexible data communication processes, adhering to the highest standards of security, confidentiality, and data accuracy. The Authority is committed to continuously developing its operational plans to ensure tax compliance according to the highest governance and transparency standards,” H.E. Al Bustani said.
“We are delighted to collaborate with the Federal Tax Authority through this agreement,” commented H.E. Marwan Ahmad Lutfi. “One of our goals is to empower government entities with deeper insights, supporting the enhancement of credit, collection and auditing policies through providing invaluable credit information and payment behaviour patterns on companies and individuals.”