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Value of tax returns in UAE up 21%

Tax compliance rates in the UAE have shown a remarkable increase with the total value of tax returns submitted to the Federal Tax Authority (FTA) growing by 21 percent over the past year, compared with 2018.

 

The number of businesses registered with the FTA increased by seven percent, with the number of businesses registered for VAT - as individuals or tax groups - reaching 320,440, while the number of registrants for excise tax totaled 1,100, and the number of tax agents growing to 355, the FTA said on Monday.

 

The FTA released the data after its board meeting on Monday chaired by Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance, and Chairman of the FTA's Board of Directors.

 

The board explored a series of progress reports on ongoing projects; the FTA's accomplishments; the results of phases one and two of the 'Marking Tobacco and Tobacco Products Scheme' and future steps; the outcomes of the authority's activities regarding VAT and excise tax, such as receiving periodic tax returns, settling due taxes, and processing tax refund requests.

09/03/2020

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