Sharjah Economic Development Department “SEDD”, in cooperation with Federal Tax Authority “FTA”, organized a virtual workshop for industrial sector investors dealt with the legislation and tax procedures applied in the country. The workshop focused on matters of interest to investors and those concerned with this vital and important sector, and the steps that the Authority takes to overcome any obstacles that workers may face in the sector.

During the workshop, which was held with the participation of 37 industrial sector investors in the Emirate of Sharjah, the participants' inquiries were answered, as well as the mechanisms for applying value-added tax, taxable, exempt and zero-rated goods and services were clarified. Likely, the mechanisms for verifying the tax registration number, calculating the tax due on goods and services, submitting tax returns as well as the legal standards for dealing in free zones and designated areas were discussed.

Commenting on that, HE Khalid Al Bustani, Director General FTA, said that the workshop came within the Authority’s plans to raise the level of tax awareness among business sectors. Also, it sought to ensure that stakeholders in all economic activities are informed of work developments and tax procedures as well as to get familiar with their views. Likely, it aimed at address any obstacles they may face in a way that ensures the application of the UAE tax regulations easily in a way that achieves the desired objectives of the application.

Likely, HE explained that the tax legislation has devoted great attention to providing an appropriate environment to continue growth and prosperity in all sectors, including the national industrial sector, as it is one of the most important economic sectors contributing to achieving government plans to diversify sources of income.

In addition, HE pointed out to the importance of cooperation between the Authority and the concerned federal and local government agencies, as well as with the private sector. He stressed that such cooperation is considered one of the basic factors for the successful implementation of the tax system, especially with regard to increasing tax awareness among the business and consumer sectors, and coordination to increase the effectiveness of market surveillance to combat tax evasion.

From her side, Mariam Nasir Al Suwaidi, Deputy Director of Industrial Affairs at SEDD, said that the Department is keen to support local industries that are looking to protect their commercial dues and ensure the continuity and growth of their business under the current circumstances.

Al Suwaidi pointed out that SEDD works to create an ideal climate for investment and business continuity that contributes to encouraging factories and companies to enhance their production, and to provide all means and capabilities to raise the volume of production. In addition, SEDD strengthens its efforts in order to help factories reach their maximum production capacity by implementing supportive initiatives and programs. She added that the virtual workshop organized represents an excellent opportunity for investors in the industrial sector to discuss the challenges they face, and exchange experiences and opinions to reach solutions that ensure the continuity of companies and factories and boost economic growth in the emirate.