The UAE Federal Tax Authority (FTA) is exploring the future of the country’s tax sector as it looks to fall in line with international best practices.
Last week the UAE announced a new corporate tax of 9 per cent on profits exceeding AED375,000 and also made changes to VAT laws in the country.
The FTA is striving for world-leading tax procedures and is planning a road map of how taxation will be applied, assessed and monitored in the UAE.
UAE future taxation strategy
It is looking at the motives and measures for future taxation and looking at the scenarios involved in upgrading tax procedures in the UAE.
Its strategy is built on a thorough assessment and follows comprehensive plans in line with international best practices.
The Authority launched a new tax strategy to mark World Future Day 2022, which began last week.
FTA Director General, Khalid Ali Al Bustani, said: “The Federal Tax Authority’s strategy for exploring the future of the tax sector primarily aims to identify the basic motives, scenarios, and proactive measures required for sustainably upgrading tax procedures in the UAE, and promoting a culture of future-mapping within, paving the way for it to become a world leader in the field.”
As it looks to manage tax payment in the country the FTA has organised seminars raising awareness of its EmaraTax platform and building a more advanced future of tax in the UAE.
Al Bustani said: “Over the past few days, the Authority organised a series of events to mark World Future Day, including an awareness seminar on the methods and tools of forecasting the future, which highlighted the importance of the FTA’s participation in celebrating World Future Day, and showcased various effective future-planning mechanisms, with detailed steps and frameworks,”
“Furthermore, the FTA held a brainstorming session on the future of taxes to discuss the impact of future planning on the UAE Vision 2031, and on the principles and timeline for the Authority’s strategy to explore the future.
“The session also examined global trends in forecasting the future of the tax sector.”
The FTA is collaborating with consult and research specialist Garner to assess the impact of technology on tax systems in the UAE.
Follow us on
