DUBAI: The Federal Tax Authority (FTA) has signed a Memorandum of Understanding (MoU) with the Mohammed bin Rashid Housing Establishment to strengthen the two entities’ strategic partnership and promote tax culture on a wider scale.
The agreement also calls for organising joint events to continuously highlight the latest updates regarding tax legislation and procedures, focusing particularly on processes for UAE nationals to request Value Added Tax (VAT) refunds for taxes incurred on building new residences, in line with the wise leadership’s vision to develop a modern housing system that ensures citizens’ happiness and wellbeing.
The MoU was signed by Khalid Ali Al Bustani, FTA Director General, and Omar Hamad Bu Shehab, CEO of the Mohammed bin Rashid Housing Establishment, in Dubai.
The agreement aims to develop relations between the FTA and the Establishment, laying solid foundations for collaboration across various fields, in order to coordinate the launch of events and initiatives designed to raise aw
areness about the importance of complying with tax legislation and procedures.
‘Signing this Memorandum of Understanding with the Mohammed bin Rashid Housing Establishment contributes to establishing an effective framework for joint collaboration between our two entities,’ said Al Bustani. ‘This, in turn, supports our plans at the Federal Tax Authority to institute a tax environment that encourages compliance, in line with the highest standards of governance and transparency.’
‘Through ongoing awareness plans, we aim to reach all segments of the community, and especially UAE citizens,’ he continued. ‘The Authority implements tax legislation that reflect the UAE Government’s directives to ensure citizens’ wellbeing. With that in mind, we continue to intensify our efforts to provide proactive and sustainable services using innovative methods to meet all customers’ aspirations.’
The FTA Director General cited the Maskan smart application, which the FTA recently launched, as a notable step in that direction, o
ffering additional facilities for UAE citizens to reclaim VAT they paid on building their new homes through 100 percent digital and paperless procedures.
‘The Federal Tax Authority is committed to strengthening its strategic partnerships with public and private sector entities, in line with the UAE’s principles for the next 50 years,’ Al Bustani asserted. ‘This is rooted in our understanding of the critical role these partnerships play in the successful implementation of the tax system and in efforts to promote voluntary self-compliance. Signing the MoU with the Mohammed bin Rashid Housing Establishment opens new prospects for close cooperation towards raising awareness among stakeholders in the tax system and all sectors involved, shedding light on relevant parties’ rights and obligations, and addressing any obstacles they may face by providing necessary knowledge and information.’
Omar Hamad Bu Shehab said, “We at the Mohammed Bin Rashid Housing Establishment are pleased to collaborate with the Federal Ta
x Authority on this important initiative. Raising tax awareness among citizens, particularly regarding housing construction, is crucial. This collaboration contributes positively to our goal of empowering citizens to build their homes easily and conveniently and aligns perfectly with our wise leadership’s vision of providing a dignified and stable life for all citizens. Through this partnership, we aim at providing the necessary information and guidance to simplify the procedures involved, and we look forward to offering the essential facilities associated with reclaiming VAT on housing construction.”
The MoU aims to enhance collaboration between the Federal Tax Authority and the Mohammed bin Rashid Housing Establishment in various areas, such as organising a series of workshops to spread tax awareness among business sectors and keep them continuously informed about the latest tax legislation and procedures. It also aims to coordinate participation in economic events and meetings with trade delegations in ar
eas related to the tax sector, in addition to facilitating collaboration towards organising conferences, seminars, and specialised workshops within the scope of both parties’ work.
Furthermore, the agreement seeks to organise joint activities to highlight the importance of complying with tax legislation, underlining the tax system’s key role in supporting the UAE’s efforts to diversify the national economy, increase sustainable resources, and bring more prosperity for all citizens, residents, and visitors in the UAE.
The MoU also supports the FTA’s strategic plan for promoting tax awareness and education, driving closer cooperation towards educating all stakeholders about taxes implemented in the UAE, including VAT, Excise Tax, and Corporate Tax, as well as the categories of taxpayers who are subject to them and the standards, requirements, and mechanisms for tax compliance.
Source : The Namibia News Agency