By: Rami Sameeh
Abu Dhabi - Mubasher: The Emirati Minister of State for Financial Affairs, Obaid Humaid Al Tayer, said on Wednesday that his country has approved a draft law for taxation procedures.
The minister added in his remarks to reporters on the sidelines of the Federal National Council (FNC) that it represents a legal frame for any tax law, with the aim of raising non-oil contributions to 80% by 2021, especially after the oil crisis saw a steep decline in crude oil prices.
A framework has been laid out regarding managing and collecting taxes by the United Arab Emirates' (UAE) Federal Tax Authority, and then issuing any tax-related laws and regulations, he indicated.
This includes the value-added tax (VAT), and activities related to registration and tax decisions. It also regulates operations and fines, as well as reporting, confidentiality, appeals, and identifying responsibilities, the minister further explained.
Translated by: Moslem Ali
