Abu Dhabi- Khalid Ali al-Bustani, Director General of Federal Tax Authority (FTA), expected that the selective and value-added taxes will be introduced in the third quarter of 2017.
FTA opened e-registration for taxation purposes mid of September in a first step of taxation compliance aiming at ensuring application of a flexible and simple taxation system according to highest Internationale practices and standards.
This statement was made during an introductory session organized by FTA in its headquarters in Abu Dhabi on Tuesday – the session intended to showcase the authority fields of work, tasks and operational plans in the coming period as well as the role of procedural taxes in pushing the sustainable economic development and building the future economy.
“The application of the tax system will not affect the country’s competitiveness because it is among the lowest in the world,” Bustani said, adding that “this will be led by providing resources to support the expansion of key sectors that are related to the community and providing the best services especially in the fields of health care, education and infrastructure projects,” Bustani said.
He continued, “tax is a new concept in the UAE community and the region. It is important to emphasize the great role of our strategic partners in raising awareness of tax procedures and ensuring the success and excellence of the UAE tax system.”
“The UAE has the lowest rates, and is the most competitive globally with a rate of 5 percent on the supply of goods and services. The success of the UAE tax system is a shared responsibility and requires strategic cooperation based on three pillars, the government, the business sector and the community,” he added.