Overview of Federal Tax Authority 2019 Plans
Dubai’s Federal Tax Authority (FTA)’s Board of Directors held its 6th meeting at the Ministry of Finance.
The meeting discussed the approved proposed budget for next year and several executive verdicts on the authority’s regulations and procedures.
Moreover, the FTA Board meeting also presented a comprehensive report on their achievements over the year, which includes the most recent developments with regards to their projects:
The registration procedures for Value Added Tax (VAT) and Excise Tax, import declarations, Tax Returns on Excise Tax and VAT, and audit processes.
The report has displayed a high rate of tax compliance in the UAE.
During the meeting, the Federal Tax Authority Board also evaluated a Tax Refund for Tourists Scheme’s technological infrastructure at Abu Dhabi, Dubai, and Sharjah airports. The detailed report includes an overview of the authority’s 2019 plans — mainly setting up tax reimbursement offices in the three airports, which will electronically connect the system with the FTA network and its participating trade outlets.
It seems that regulations such as the Digital Tax Stamp Scheme for Tobacco on imported and locally produced tobacco products are to be implemented on 1st January 2019, before including all locally distributed cigarettes.
The Federal Tax Authority claimed that the 2019 approved budget and upcoming projects will further strengthen their relationship with private business sectors.
Furthermore, they have also stated that the new tourist refund regime will boost the retail sector, promoting the UAE once again as a shopping destination for international travelers.