Abu Dhabi – Mubasher: The UAE’s Ministry of Finance on Monday said that the Federal Financial System is ready to manage and facilitate all financial transactions pertaining to the value-added tax (VAT).
All federal bodies linked to the Federal Financial System are capable of implementing VAT deals through the system, that has been developed to put the tax into effect as of 1 January 2018, the ministry’s report added.
The MoF issued a fully-fledged system includes technical support team and toll-free telephone number to respond to VAT related inquiries, Younis Haji Al Khouri, Undersecretary of the MoF said.
“MoF is committed to developing the Federal Financial System, improving its quality of service through advanced information technology, and enhancing the service level provided to ministries and federal entities. This will support MoF in achieving its vision of becoming a global leader in the fiscal field and to contribute to achieving UAE Vision,” Al Khouri added.
The UAE will put the VAT into effect in line with the Common VAT Agreement in the GCC, as it aims at developing future infrastructure, improving public services and enhancing global competitiveness of the UAE.
