UAE electronic tax system most comprehensive in region: FTA

The UAE's electronic tax system is the most comprehensive in the region, asserted the Federal Tax Authority (FTA) at an introductory workshop it organised at the Department of Economic Development of Ras Al Khaimah.
The system facilitates the processing of taxes transparently and efficiently, boosting confidence in the tax regulations and ensuring widespread tax compliance, the FTA added.
Titled "Objectives and Procedures for Implementing Value Added Tax", brought together specialists, officials and inspectors from Ras Al Khaimah's Department of Economic Development to set roadmaps and mechanisms to implement VAT, in addition to going over the support and services that the Authority offers to Taxable Persons in order to ensure a smooth roll-out of the tax system across the UAE.
The seminar was organised as part of the Authority's comprehensive awareness campaign, which includes a series of workshops and seminars on the principles of the tax system and its executive and control regulations, which target the public and private sectors alike, including departments of economic affairs; advisory bodies; chambers of commerce and industry; large, medium and small companies; and all parties involved in the implementation of the tax system.
The representatives went on to note that the Authority has employed modern technologies to facilitate the VAT registration process, and the issuance of Tax Registration Numbers (TRN), informing attendees that registration in the system is free and available round the clock through the FTA website's e-Services portal. The registration procedure is straightforward: once on the website's eServices portal, users can simply click "Register" and then verify their logins through a verification email sent to their address.
Companies must maintain clear and complete tax records for the predetermined time periods, they added, outlining other regulations, including inventory control, as well as the terms and conditions of tax invoices and how to verify them. The seminar was followed by a question-and-answer session, addressing participants' queries and concerns regarding the implementation of Value Added Tax.
-waheedabbas@khaleejtimes.com