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March 1, 2024

Dubai Chambers & FTA unite to enhance cooperation

Dubai Chambers has entered into a new strategic partnership with the UAE’s Federal Tax Authority (FTA) in order to enhance cooperation and promote awareness of the country’s tax system.

The initiative is aimed at helping private sector companies, business owners, and investors to make smarter decisions about how they work, comply with tax laws, and achieve business growth.

The two parties will collaborate to foster a culture that supports the government’s strategic objectives and enhances the UAE’s global economic competitiveness while enabling private sector companies in Dubai to thrive and contribute to the emirate’s sustainable economic growth.

The partnership agreement between Dubai Chambers and the FTA sets out collaboration on multiple initiatives aimed at raising awareness about the various types of tax that apply to companies in the UAE, as well as the importance of tax registration and its role in diversifying the national economy.

The two entities will jointly coordinate the organization of specialized conferences, forums, and workshops that are tailored to the needs of the business community, with an emphasis on educating entrepreneurs, SMEs, and investors to enhance their awareness of tax procedures and requirements.

Under the terms of the agreement, both parties are set to invite attendees and participants from business delegations to participate in economic events. The FTA will host experts in the field to deliver lectures addressing entrepreneurs and investors in the emirate’s private sector.

Dubai Chambers and the FTA will also work together to support small and medium enterprises (SMEs) through the FTA’s Muwafaq Package initiative, which offers innovative solutions to help businesses meet their tax obligations and organize accounting records and financial statements. The package is designed to support and empower youth in the SME sector and activate their role in various sectors of the economy.

HE Khalid Ali Al Bustani, Director General of the Federal Tax Authority (FTA), said that, “Signing the Memorandum of Understanding between the Authority and Dubai Chambers reflects the deep-seated bilateral collaboration and distinguished relations between the two entities, and aligns with the FTA’s strategy to enhance strategic partnerships with institutions involved with taxes in the government and private sectors. This contributes to the sustainable development of the tax system and maintains a tax environment that encourages compliance according to the best governance and transparency standards, ensuring the delivery of exceptional services to the business community, investors, and entrepreneurs.”

“This agreement provides an effective model for collaborating on intensifying tax awareness activities and organizing more workshops and informational sessions to promote a tax culture among business sectors in general, particularly in the Emirate of Dubai,” Al Bustani added.