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FTA Board approves Tourists Refund Scheme
The Federal Tax Authority’s, FTA, Board of Directors has formally approved implementation of Tourists Refund Scheme at its fifth meeting, held on Wednesday at the Dubai Ruler’s Court.
The meeting was headed by H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance.
The scheme seeks to ensure high preparedness and adherence to international standards among UAE businesses. It is set to include comprehensive procedures to connect outlets and points of sale across the UAE with the refund system.
The Board also adopted the proposed design and security specifications of the brand to be used as a marker for tobacco products, allowing them to be tracked electronically in order to ensure that the Excise Tax on these products is paid. This advanced system seeks to prevent excise tax evasion and will be implemented in the near future in coordination with Customs Departments, as well as Departments of Economic development departments, and manufacturers and importers of tobacco products.
During the meeting, the FTA Board of Directors approved a set of executive decisions concerning the internal regulatory and administrative policies of the Authority and its operational activities. The Board reviewed a comprehensive report covering the achievements made by the Federal Tax Authority, as well as the successful implementation of the UAE tax system. The reports revealed a remarkable increase in the number of businesses registered for VAT before the end of penalty waiver period issued by the Authority to exempt businesses from late registration penalties, where 281,000 of them are now registered for value-added tax, VAT, while 637 are registered for excise tax.