In a significant move aimed at fostering a deeper understanding of taxation within the business community, the Federal Tax Authority (FTA) has formalized a partnership with the Umm Al Quwain Chamber of Commerce and Industry. The Memorandum of Understanding (MoU), signed on September 21, 2023, underscores the commitment to promote a culture of tax compliance and aligns with the UAE’s strategic vision of supporting private enterprises, entrepreneurs, and investors.
The signing ceremony, which took place at the FTA’s headquarters in Dubai, brought together key figures in the realm of taxation and business. Khalid Ali Al Bustani, Director-General of the FTA, and Ammar Rashid Al Aleeli, Director-General of the Umm Al Quwain Chamber, sealed the collaborative pact.
The primary objective of this collaboration is to intensify tax awareness initiatives and establish a collaborative framework between the FTA and the Umm Al Quwain Chamber for conducting workshops and awareness sessions. These educational endeavors are primarily targeted at businesses, entrepreneurs, and investors, with a particular focus on the Emirate of Umm Al Quwain. Through these sessions, participants will gain valuable insights into the tax system’s objectives and the procedures associated with its implementation.
Khalid Ali Al Bustani expressed his views on the MoU, stating, “The memorandum of understanding that the Federal Tax Authority has signed with the Umm Al Quwain Chamber of Commerce and Industry serves to establish effective frameworks for bilateral cooperation to continuously upgrade the services we provide to support and assist business sectors.” He emphasized that this partnership aligns with the FTA’s overarching goal of fostering a tax-compliant environment while adhering to the highest standards of governance and transparency.
Furthermore, Al Bustani highlighted the importance of strategic partnerships with both government entities and the private sector, as these collaborations play a crucial role in ensuring successful tax system implementation and increasing voluntary tax compliance.
Ammar Rashid Al Aleeli, Director-General of the Umm Al Quwain Chamber, echoed these sentiments, emphasizing the Chamber’s commitment to supporting the FTA’s vision in the tax sector. He stated, “This collaboration with the Authority contributes to raising tax awareness among our members at the Chamber and ensuring their compliance, which, in turn, strengthens commitment among all member companies, including small and medium-sized enterprises, in service of the public interest.”
Under the terms of the MoU, the FTA and the Umm Al Quwain Chamber will collaborate closely on participating in economic events and meetings related to the tax sector. These joint efforts aim to promote compliance with tax legislation and underscore the pivotal role of the tax system in diversifying income sources, contributing to the UAE’s mission to enhance the well-being of its citizens, residents, and visitors.
Additionally, the memorandum outlines a framework for cooperation to expand the beneficiary base of the Muwafaq Package initiative in Umm Al Quwain. This initiative, tailored to support small and medium-sized enterprises (SMEs), seeks to streamline business operations and enhance tax compliance. It also provides innovative tax solutions to empower youth in the sector and elevate their contributions across various economic domains.
The collaborative agreement further envisions joint events where expert teams from the FTA will provide informative sessions for the business community in Umm Al Quwain. These sessions will bolster the tax culture, educate stakeholders about their rights and responsibilities within the tax system, address any obstacles they encounter, and align with the Federal Tax Authority’s strategic plan for awareness and education. This plan aims to familiarize stakeholders with UAE tax legislation, procedures, and compliance requirements.
In conclusion, the partnership between the Federal Tax Authority and the Umm Al Quwain Chamber of Commerce and Industry represents a commendable step towards promoting tax awareness and compliance within the UAE’s business community. Through collaborative efforts, workshops, and educational sessions, this alliance aims to foster a culture of tax responsibility while facilitating the growth and prosperity of businesses, entrepreneurs, and investors.
