FTA and Umm Al Quwain Chamber Join Forces to Cultivate Tax Awareness
In a strategic move to enhance tax awareness and encourage compliance, the Federal Tax Authority (FTA) has entered into a memorandum of understanding (MoU) with the Umm Al Quwain Chamber of Commerce and Industry. This collaboration is geared towards promoting a tax culture among various business sectors and aligns with the UAE’s vision of supporting the private sector, entrepreneurs, and investors.
Strengthening Bilateral Cooperation
The MoU, signed by His Excellency Khalid Ali Al Bustani, Director-General of the FTA, and His Excellency Ammar Rashid Al Aleeli, Director-General of the Umm Al Quwain Chamber, lays the groundwork for a collaborative framework to organize workshops and awareness sessions for businesses, entrepreneurs, and investors. The primary focus of these initiatives is to familiarize stakeholders with the objectives of the tax system and its implementation procedures, particularly within the Emirate of Umm Al Quwain.
Commitment to Tax Environment Enhancement
H.E. Al Bustani emphasized the importance of the MoU, highlighting its role in continuously upgrading services to support and assist business sectors. He stressed the FTA’s commitment to creating a tax environment that encourages compliance, governance, and transparency, underscoring the authority’s dedication to raising tax awareness across all business categories.
Chamber’s Pledge to Tax Sector Vision
H.E. Al Aleeli expressed the Umm Al Quwain Chamber’s commitment to supporting the FTA’s vision in the tax sector by hosting specialized conferences, seminars, and workshops. This collaboration aims to ensure compliance among chamber members, including small and medium-sized enterprises, thereby contributing to the public interest.
Strengthening Tax Compliance and Diversifying Income Sources
Under the terms of the MoU, the FTA and the Umm Al Quwain Chamber will collaborate to participate in economic events, promote compliance with tax legislation, and highlight the tax system’s role in diversifying income sources. This joint effort seeks to maintain the elevated levels of well-being that the UAE aspires to provide for its citizens, residents, and visitors.
Focus on SME Support and Education
The MoU also outlines a framework for cooperation to expand the base of beneficiaries from the Muwafaq Package initiative in Umm Al Quwain. This initiative aims to facilitate business operations and tax compliance for SMEs, providing innovative tax solutions to support and empower youth in the sector and enhance their role across various economic sectors.
Informative Sessions and Strategic Plan
The collaboration also aims to organize joint events where expert teams from the FTA will provide informative sessions for business communities in Umm Al Quwain. This initiative is part of the FTA’s strategic plan for awareness and education, aiming to familiarize stakeholders with tax legislation, procedures, and compliance requirements applicable in the UAE, while also identifying and resolving any obstacles they may face.
