25th May 2017 -- H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, headed the first meeting of the Federal Tax Authority’s (FTA) Board of Directors, at the Ministry of Finance, in Dubai. The meeting marked the FTA’s first step in developing its strategic and operational plan to support the UAE’s economic diversification.

H.H. Sheikh Hamdan bin Rashid said: "The establishment of the FTA comes under Federal Law Decree No. 13 of 2016, issued on 26th September. The authority will provide the necessary support for tax-payers to commit to the tax laws and procedures which will govern the process between the authority and tax-payers."

H.H. Sheikh Hamdan highlighted the UAE’s adoption of best practices in implementing taxes and collecting them electronically. He also emphasized the UAE’s efforts in facilitating the FTA registration channels for tax purposes, as well as working to the highest levels of transparency with tax-payers, and generating standards of auditing and assessing tax returns.

Sheikh Hamdan clarified the tax laws and regulations, which include tax procedures, Value-Added Tax (VAT) and Selective Tax, prepared in line with the UAE government's vision to maintain the country’s competitiveness in business practices. This will be achieved through facilitating the procedures for tax payers, communicating with the FTA for technical assistance and FTA efficiency in delivering tax returns, processing taxes online and implementing the necessary auditing procedures.

He also reviewed the developments of the draft tax laws at the UAE and GCC level, clarifying that following the agreement of the two unified VAT and selective tax agreements amongst GCC Ministers of Finance, two Federal Decrees have been issued for approval by the GCC General Secretariat.

His Highness said that the draft law of tax procedures is in its final stages of the legislative process and is soon being issued and published. The VAT draft law is being discussed by the Legislation Technical Committee to be approved by the UAE Cabinet, followed by the Selective Tax draft law which will be discussed in the future by the committee.

During the meeting, Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, was elected as the Deputy Chairman of the FTA Board of Directors.

Attended the meeting was Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, and the members of the FTA Board of Directors.