The UAE Federal Tax Authority (FTA) has signed a Memorandum of Understanding (MoU) with the Umm Al Quwain Chamber of Commerce and Industry (UAQ Chamber) to promote a tax culture among business sectors.
The agreement was signed by Mr. Khalid Ali Al Bustani, Director-General of the FTA, and Mr. Ammar Rashid Al Aleeli, Director-General of the UAQ Chamber.
The MoU forms part of the efforts to intensify tax awareness activities, and establishes a framework for collaboration between the Authority and the Chamber to organize more workshops and awareness sessions for business sectors, entrepreneurs, and investors, particularly in the Emirate of Umm Al Quwain, familiarizing them with the objectives of the tax system and its implementation procedures.
“The MoU that the Federal Tax Authority has signed with the Umm Al Quwain Chamber of Commerce and Industry serves to establish effective frameworks for bilateral cooperation to continuously upgrade the services we provide to support and assist business sectors. This aligns with the Authority’s plans to create a tax environment that encourages compliance, in accordance with the highest governance and transparency standards, by implementing continuous awareness plans that target all business categories and familiarize them with tax legislation and procedures using diverse methods and providing clear information.”
“The Authority consistently seeks to enhance its strategic partnerships with all relevant federal and local government entities, as well as with the private sector. These partnerships play a fundamental role in the successful implementation of the tax system, especially with regards to raising tax awareness among business sectors and consumers, which, in turn, helps increase voluntary tax compliance,” Mr. Al Bustani added.
Mr. Al Aleeli said that “Umm Al Quwain Chamber of Commerce and Industry is committed to supporting the Federal Tax Authority’s vision in the tax sector by hosting specialized conferences, seminars, and workshops, in coordination with the Authority, as a means to highlight key tax-related laws and procedures.”
“This collaboration with the Authority contributes to raising tax awareness among our members at the Chamber and ensuring their compliance, which, in turn, strengthens commitment among all member companies, including small and medium-sized enterprises, in service of the public interest,” Mr. Al Aleeli further stated.
Under the terms of the MoU, the FTA and the Umm Al Quwain Chamber will enhance their coordination about participating in economic events and meetings with trade delegations related to the tax sector. The two parties will also jointly organize activities to promote compliance with tax legislation and highlight the tax system’s role in diversifying income sources, which helps in maintaining the elevated levels of well-being that the UAE strives to provide for citizens, residents, and visitors.
The MoU outlines a framework for cooperation to expand the base of beneficiaries from the Muwafaq Package initiative in Umm Al Quwain. The initiative aims to facilitate business operations and tax compliance for small and medium-sized enterprises (SMEs), providing innovative tax solutions to support and empower youth in the sector and enhance their role across various economic sectors.
Furthermore, the agreement aims to strengthen the tax culture, familiarizing all stakeholders with their rights and obligations under the tax system, identifying any obstacles they may face for immediate resolution, and supporting the Federal Tax Authority’s strategic plan for awareness and education.