Business sector highly cooperative on VAT regulations: FTA
The Federal Tax Authority, FTA, has reported a high level of responsiveness and cooperation from the shipping, customs clearance, logistics sectors with regulations surrounding the implementation of the Value Added Tax, VAT, which came into effect on January 1st, 2018.
The FTA made the announcement during an introductory workshop that tackled the anticipated effects of VAT on internal and external trade in the UAE, and to discuss solutions to ensure a smooth implementation of the tax system. The workshop was attended by nearly 670 experts and stakeholders from sectors dealing with freight forwarders, customs clearance companies, logistics companies.
The seminar reviewed the procedures to implement VAT, as well as services and technical support provided by the FTA to assist taxpayers and ensure a smooth roll-out of tax laws and regulations. The workshop is the third of its kind for these sectors, and is part of the FTA’s comprehensive awareness campaign targeting all business sectors with an integrated package of workshops and seminars across all seven emirates, covering the principles and mechanisms of applying VAT and Excise Tax in the UAE.
The FTA’s team gave a detailed presentation outlining the mechanisms of implementing VAT, as well as the approach to cooperation and coordination between the authority and its strategic partners from the public and private sectors.
During the seminar, the team reviewed the vision and mission of the Federal Tax Authority and its role in facilitating the implementation of VAT, affirming the importance of cooperation between the Authority and the concerned authorities to successfully implement the tax system in the upcoming period.
Participants in the workshop applauded the FTA for its efforts in raising awareness on the tax system in the UAE, as well as its responsiveness to enquiries from businesses. Attendees called for similar seminars and workshops to be held in the near future to streamline communication and ensure dialogue around the issues that might arise as the tax system goes into effect.
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