Dubai: The Federal Tax Authority’s board of directors yesterday approved the authority’s plans, which include procedures related to the application of the Excise Tax (next month) and Value Added Tax (VAT) by next January.
The board also approved suggested fees and fines in accordance with the authority’s competences and powers detailed in the Federal Decree Law No. 13 of 2017 regarding the setting up of a Federal Tax Authority. It also approved the violations prescribed in the federal law No. 7 of 2017 pertaining to the tax procedures and the Federal Decree-Law No. 7 of 2017 on the excise tax as well as in the Federal Decree-Law No. 8 of 2017 on the VAT.
Held at the Ministry of Finance headquarters, the meeting was chaired by Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance.
During the meeting, the board reviewed the latest updates on the newly issued tax laws regulating federal taxes in the UAE including the federal law No. 7 of 2017 and the Federal Decree-Law No. 8 of 2017.
The board of directors reviewed the recommended options for the authority’s new logo and the results of workshops and tax awareness programmes.
Obaid Bin Humaid Al Tayer, Minister of State for Financial Affairs, said “Executive regulations for each of the said tax laws are being issued to provide details on the application of VAT and Excise Tax for those subject to it”.
Shaikh Hamdan Bin Rashid said, “We are steadily pressing ahead with our preparations to apply the Tax System in the UAE so as to support the ongoing economic and social progress through diversifying revenues and providing new and sustainable sources of income to further allow the UAE government continuing the development of its future-ready infrastructure and providing quality services for the society”.