Dubai Chambers has announced a new strategic partnership with the UAE’s Federal Tax Authority (FTA) to promote awareness of the country’s tax system.
The initiative, it was shared, is aimed at helping private sector companies, business owners, and investors make “smarter decisions” about how they work, comply with tax laws, and achieve business growth.
Speaking about the partnership, His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “Our new partnership with the FTA will enhance awareness of tax laws and help to ensure companies in Dubai fulfil their tax obligations. This important initiative reflects our commitment to providing comprehensive support to the private sector by improving the business community’s ability to keep pace with the latest legislative developments. The UAE’s tax regime and administrative requirements have been tailored to the needs of diverse business sectors in a way that enables companies to drive sustainable economic growth, create job opportunities, and invest for the future while supporting society at large through tax revenues.”
Meanwhile, His Excellency Khalid Ali Al Bustani, Director General of the Federal Tax Authority (FTA), said: “Signing the Memorandum of Understanding between the Authority and Dubai Chambers reflects the deep-seated bilateral collaboration and distinguished relations between the two entities, and aligns with the FTA’s strategy to enhance
strategic partnerships with institutions involved with taxes in the government and private sectors. This contributes to the sustainable development of the tax system and maintains a tax environment that encourages compliance according to the best governance and transparency standards, ensuring the delivery of exceptional services to the business community, investors, and entrepreneurs.”
The partnership will see the two collaborate on multiple initiatives aimed at raising awareness about the various types of tax that apply to companies in the UAE, as well as the importance of tax registration and its role in diversifying the national economy.
Specialised conferences, forums, and workshops tailored to the needs of the business community, will be held, with an emphasis on educating entrepreneurs, SMEs, and investors to enhance their awareness of tax procedures and requirements.
Both parties are set to invite attendees and participants from business delegations to participate in economic events.
The FTA will host experts to deliver lectures addressing entrepreneurs and investors in the emirate’s private sector.
Dubai Chambers and the FTA will also support small and medium enterprises (SMEs) through the FTA’s Muwafaq Package initiative.
This initiative offers solutions to help businesses meet their tax obligations and organise accounting records and financial statements.