{"id":15312,"date":"2021-10-05T16:19:52","date_gmt":"2021-10-05T16:19:52","guid":{"rendered":"https:\/\/www.mymoneysouq.com\/financial-blog\/?p=15312"},"modified":"2021-10-05T16:19:53","modified_gmt":"2021-10-05T16:19:53","slug":"know-about-federal-tax-authority-in-the-uae","status":"publish","type":"post","link":"https:\/\/www.mymoneysouq.com\/financial-blog\/know-about-federal-tax-authority-in-the-uae\/","title":{"rendered":"Know about Federal Tax Authority in the UAE"},"content":{"rendered":"\n<p>Taxes are the source of income for any nation. In any nation, taxes support the nation in providing revenue and this income is collected from the citizens and the residents of the country. In the UAE, the main income source is from oil reserves. The taxes are charged so that it reduces the nation\u2019s dependence on oil reserves and diversifies the nation\u2019s resources. These are important for administrators to give citizens and expats exceptional public services. The Federal Tax Authority in UAE is the body which regulates, collects, and implements the tax system throughout the country.&nbsp;<br><\/p>\n\n\n\n<p>The federal tax authority was established under Federal law by Decree No. 13 of 2016. These authorities are responsible for managing, controlling and collecting federal taxes. The UAE tax authority is also responsible for collecting penalties, distributing tax revenues and also implementing tax formalities in the UAE.<br><\/p>\n\n\n\n<p>The UAE tax authorities, the government entities responsible for administering and enforcing federal taxes. In the year 2016 the president of UAE, his highness Sheikh Khalifa Bin Zayed Al Nahyan via Federal Decree Law 13 of 2016.&nbsp;<br><\/p>\n\n\n\n<p>The headquarters of federal tax authorities is located in Abu Dhabi. A public federal governing authority is set up under the Federal tax authority. The federal tax authority is in charge of managing penalties, distribution of taxes generated by the revenue, application of the taxes and their tax procedures are in effect in the country.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Management<\/strong><\/h3>\n\n\n\n<p>The federal tax authority, UAE has its offices in Dubai and Abu Dhabi. The federal tax authority in the UAE is managed by the board of directors and the chairman is the Minister of Finance. The staff members are appointed and paid through the cabinet resolution and these members are nominated by the chairman. The federal tax authority has an independent annual budget which is deemed as a public fund &amp; exempt from tax &amp; fee.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Mission of Federal Tax Authority&nbsp;<\/strong><\/h3>\n\n\n\n<p>The following points are the mission of the Federal Tax Authority.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Promote growth of economy and sustainable development in the UAE<\/li><li>Growth of UAE\u2019s income besides oil revenue<\/li><li>To reduce dependency on oil generated income<\/li><li>Getting Economic Diversification with advanced financial practice<\/li><li>Assisting the business entrepreneurs and the end users about the significance of tax responsibility<\/li><\/ul>\n\n\n\n<p>Along with the above listed points, the FTA UAE, levies taxes on products &amp; services that are detrimental to the health of mankind. Penalties are also levied on consumers as well as business units which do not pay taxes and report taxes on time.\u00a0<\/p>\n\n\n\n<p>Click here for <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/taxation-system-in-the-united-arab-emirates\/\" target=\"_blank\"><strong>Taxation system in the UAE<\/strong><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Types of Taxes levied by Federal Tax authority UAE<\/strong><\/h3>\n\n\n\n<p>There are two types of taxes levied by the authorities which are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Value Added Tax (VAT)<\/li><li>Excise Tax<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Value Added Tax<\/strong><\/h3>\n\n\n\n<p>The UAE VAT Law, is indirect tax which is applicable based on transaction at each stage of supply of product. The expenses related to the VAT are borne by the customer and the business accumulates the taxes on behalf of the Federal tax authority.\u00a0 The tax income provides a source in giving an advanced service facility to the residents of UAE. Currently, the VAT levied in the UAE is 5%.\u00a0<\/p>\n\n\n\n<p>Related: <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/latest-updates-vat-what-will-be-taxed-uae\/\" target=\"_blank\"><strong>Latest updates on VAT- What will be taxed?<\/strong><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Excise Tax<\/strong><\/h3>\n\n\n\n<p>Excise tax applies to products that are harmful to human health. The tax is levied on tobacco products and carbon drinks. Business units which are into imports, manufacturing or issuing the goods should get registered with the Federal Tax Authority. The excise tax imposition is directed towards reducing the goods consumption and also aims to increase the government tax income which is used on providing services to the public.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Federal Tax authority E-services<\/strong><\/h3>\n\n\n\n<p>The federal tax authority provides e-services which are helpful to the business to register and file tax returns more efficiently.<\/p>\n\n\n\n<p>The following are the E-services by FTA<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>VAT registration<\/li><li>VAT amendment<\/li><li>VAT de-registration<\/li><li>VAT &amp; Excise tax import declaration<\/li><li>VAT &amp; Excise tax refunds<\/li><li>VAT &amp; Excise tax returns<\/li><\/ul>\n\n\n\n<p>To avail E-services you should register on the Federal Tax authority Web portal and then you can get access to the UAE tax system. The website has detailed information just fill up the online application form and register for the services to avail the benefits.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Contact Details<\/strong><\/h3>\n\n\n\n<p>The FTA website provides clear answers to all your queries. Refer to the FAQ section and you will find answers to your questions. You can also visit the office in Abu Dhabi or Dubai. Below is the detailed address and information.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>DUBAI OFFICE<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>Location: Central Park \u2013 Business Tower \u2013 Dubai<\/li><li>Contact: +971-60-059-9994<\/li><li>Working hours: Sunday to Thursday: 08:00 am \u2013 04:00 pm<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>ABU DHABI OFFICE<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>Location: Emirates Property Investment Company Building \u2013 Abu Dhabi<\/li><li>Contact: +971-60-059-9994<\/li><li>Working hours: Sunday to Thursday: 08:00 am \u2013 02:00 pm<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Taxes are the source of income for any nation. In any nation, taxes support the nation in providing revenue and this income is collected from the citizens and the residents of the country. In the UAE, the main income source is from oil reserves. The taxes are charged so that it reduces the nation\u2019s dependence [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":15314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[],"class_list":{"0":"post-15312","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance","8":"category-general"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Know about Federal Tax Authority in the UAE - MyMoneySouq Financial Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/know-about-federal-tax-authority-in-the-uae\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Know about Federal Tax Authority in the UAE - MyMoneySouq Financial Blog\" \/>\n<meta property=\"og:description\" content=\"Taxes are the source of income for any nation. In any nation, taxes support the nation in providing revenue and this income is collected from the citizens and the residents of the country. In the UAE, the main income source is from oil reserves. 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