ECONOMY

UAE sets up Federal Tax Authority

The Federal Tax Authority will be responsible for setting up and maintaining records on taxpayers and on taxes paid. (File photo: AP)

UAE President Sheikh Khalifa Bin Zayed al-Nahyan has issued a decree on Monday aimed at setting up the Federal Tax Authority (FTA), which will collect data, information and statistics on taxes, the local Gulf News reported.

The FTA, which will coordinate with federal and local goverments, will issue guidelines and clarifications to taxpayers. It will also inspect taxpayers’ records and documents, review tax returns and audit reports submitted to the authority.

Since late 2015, the UAE has drawn up plans to introduce both a nationwide VAT and a corporation tax the report added.

Once introduced it would make the UAE the first Gulf state to tax at the point of sale.  The nationwide VAT is expected to take place next year.
 

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Last Update: Tuesday, 25 October 2016 KSA 01:00 - GMT 22:00
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Will coordinate with the governments and taxpayers on all tax-related matters
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