Taxation … a tool for economic development and stimulating investment

Sharjah Economic Development Department “SEDD”, in cooperation with Federal Tax Authority, held a specialized session during which the legislative framework of the tax system in the country was reviewed, highlighting the legislation and procedures related to value-added tax and the role played by the Authority in managing, collecting and implementing taxes based on the best standards to encourage and support taxpayers to comply with taxes. This session is being organized to consolidate the comprehensive vision of the ambitious strategic goals of both sides, and to achieve and promote a stimulating business environment that contributes to achieving and leading comprehensive economic development. The session, which was a virtual one, also reviewed the types of taxes, with experts from the Federal Tax Authority providing clarification on common mistakes, ways to avoid them, and the many tax awareness tools provided by the Authority.

For its part, SEDD affirmed that it is proceeding with the implementation of the strategy of cooperation and working with partners to provide its services in accordance with the highest international practices and to support the various economic sectors and urge customers of all categories to benefit from the services provided by the Department in cooperation with local and federal authorities. The Department believes that such thing will positively reflect on the performance of the government work system in the country and serve the ambitious national goals.

During the session, the experiences of a number of investors from different sectors were highlighted, their inquiries were answered, and tax awareness was raised among the business sectors to inform them of the latest tax procedures, to learn their opinions, and to address any obstacles they may face, in order to ensure the application of tax systems easily and smoothly and to achieve the desired goals of the application.

At the end of the session, the experts answered all the participants' inquiries and stressed the need for accuracy during the implementation of tax procedures.