DUBAI, (Pakistan Point News - 25th Jul, 2019) H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, and Chairman of the Federal Tax Authority, FTA, on Wednesday, chaired the 9th meeting of the Board of Directors of the FTA at the headquarters of the Ministry of Finance in Dubai.
The board looked into the performance of the FTA’s various systems, ratified the authority’s financial statements for 2017 and 2018, and approved several executive decisions regarding the FTA’s internal regulatory and administrative policies and operations. The authority’s recent accomplishments were showcased during the meeting, where the various tax schemes introduced improved performance, and the number of businesses and tax groups that registered for VAT surpassed 307,000, while the number of those that registered for Excise Tax totalled 724.
Sheikh Hamdan bin Rashid applauded the FTA’s performance and achievements, which were also lauded by experts, as well as local and international institutions. "The tax system has begun achieving many of its main objectives, most notably, the diversification of the UAE’s resources," Sheikh Hamdan said, adding, "This allows us to continue providing high-quality services for future generations, in line with the UAE Vision 2021 and its objectives to build a sustainable ecosystem and integrated infrastructure."
The FTA's Board of Directors explored the figures of the VAT refunds for nationals building new residences in the UAE, which revealed a significant increase in the rate of refunds and the speed of processing applications submitted by UAE citizens through clear and accurate online procedures. This adheres to the wise leadership’s directives to ensure housing stability for Emirati nationals.
The figures went on to show that 563 applications were adopted by July 2019, where applicants refunded the tax they incurred on the construction of their residences. The total refunded value was AED25.23 million, up from 235 applications worth AED9.76 million recovered in the first quarter of 2019.
Meanwhile, data on the Tax Refunds for Tourists Scheme indicated that the number of retail outlets linked to the system has exceeded 10,000 stores across the country, and the number of tax refund applications processed per day has doubled to more than 7,500.
The Board of Directors also looked into the measures the authority has taken to implement the ban on the sale and possession of cigarettes not bearing the Red Digital Tax Stamps across all local markets as of 1st August, 2019.
Also on the meeting’s agenda were the preparations ahead of implementing the FTA’s decision to expand the scope of the "Marking Tobacco and Tobacco Products Scheme" to include water pipe tobacco (known in Arabic as "Mu’assel") and electrically heated cigarettes, which goes into effect from 1st November, 2019.
