UAE President issues landmark tax law

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Finance minister says law 'paves the way for diversifying UAE's economy'

  ABU DHABI – UAE President Shaikh Khalifa Bin Zayed Al Nahyan has issued the Tax Procedures law on the collection of value-added and excise taxes. The law, according to Finance Minister Shaikh Hamdan Bin Rashid, "is a significant milestone towards establishing the UAE's tax system and diversifying the economy." Shaikh Hamdan is also chairman of the Federal Tax Authority (FTA). The law was approved by the Federal National Council (FNC) in March and was then endorsed to Shaikh Khalifa for approval. Federal Law No. 7 of 2017 for Tax Procedures lays down guidelines on the administration and collection of value-added and excise taxes and the rights and obligations of the FTA and the taxpayer. It also covers tax procedures, audits, objections, refunds, collection, and obligations - which include tax registration, tax-return preparation, submissions, payment and voluntary disclosure rules – in addition to tax evasion and general provisions. All businesses in the UAE will be required to keep accurate records for five years. The law likewise establishes a register of tax agents who may deal with the FTA on behalf of taxpayers. Penalties for non-compliance, as well as procedures for appeals which align with international best practices, and establishes a fair and transparent environment for the FTA to carry out its mandate are provided in the law. Shaikh Hamdan said the Tax Procedures law is "an all-encompassing legislative framework that lays the groundwork for the UAE's plan to implement taxes as a means to ensure sustainability and diversify the government's revenue streams." "The increased resources will enable the government to maintain the momentum of its development and infrastructure for a better future," he added. 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