SHARJAH, (Pakistan Point News - 26th Oct, 2023) The Sharjah Chamber of Commerce and Industry (SCCI) and the Federal Tax Authority (FTA) signed a Memorandum of Understanding (MoU) today with the intent of building an effective and dynamic partnership spearheading initiatives and workshops that nurture the tax culture within the Sharjah business community.
Through these efforts, the two parties will contribute to meeting the UAE’s national strategy and vision to support the private sector, entrepreneurs, and investors.
Abdullah Sultan Al Owais, Chairman of the SCCI, witnessed the signing ceremony, which was convened at the Chamber. Mohammed Ahmed Amin Al Awadi, Director-General of the SCCI, signed the MoU on behalf of the chamber, while Khalid Ali Al Bustani, Director-General of the FTA, served as the Authority’s signatory. A number of officials from both sides were in attendance.
As outlined by the MoU, the two sides will organise a set of workshops to spread and increase tax awareness among businessmen, entrepreneurs, and investors within the emirate of Sharjah. These workshops seek to inform the business community about legislation governing federal tax procedures while raising awareness on the role tax registration plays in diversifying regional economies and familiarising the target group with the types of taxes in the UAE system.
Under the agreement, the SCCI and the FTA will team up to participate in economic events, meet with commercial delegations in fields tied to the tax sector, and organise joint activities to shed light on the importance of adhering to tax legislation. They will also coordinate to hold specialised conferences, symposia, and workshops within their respective spheres of work.
Mohammed Ahmed Amin Al Awadi said the Chamber welcomes this MoU as a part of its efforts to boost the awareness of Sharjah’s entrepreneurs, investors, and business community regarding the rights and duties of those who deal with the UAE tax system, informing them of taxation objectives and means of implementation, as well as procedures and requirements for compliance with UAE taxes.
The Chamber, he said, will endeavour to provide all resources required to meet the goals of the new partnership, which will promote companies’ efficient and thorough compliance with tax requirements. Furthermore, he highlighted the role the partnership will play in strengthening the legislative system underlying the business community’s sustainability and growth, protecting commercial and industrial interests, and enabling various sectors to keep abreast of the latest developments in the business environment.
Khalid Ali Al Bustani, Director-General of the FTA, stressed the Authority’s continuous commitment to strengthening its strategic partnerships with all relevant federal and local government entities, as well as with the private sector, in line with the UAE’s principles for the next 50 years.
The FTA recognises the critical role these partnerships play in the successful implementation of the tax system, especially in terms of raising tax awareness among business sectors and promoting voluntary tax compliance, he added.
Al Bustani welcomed the effort to strengthen collaboration between the FTA and the Sharjah Chamber of Commerce and Industry by signing the memorandum of understanding.
The MoU sets a clear framework for joint coordination with the aim of continually improving the services provided to support and assist business sectors, he explained, noting that this opens up new opportunities to collaborate towards raising tax awareness by organising more informative events to strengthen tax culture in the business community, familiarise all stakeholders with their rights and obligations under the tax system, address any obstacles they may encounter, and provide them with the knowledge and assistance they require.
Under the MoU, the two parties have formed a Joint Administrative Committee responsible for establishing plans and proposals regarding activities and events that will contribute to achieving the MoU’s aims.
