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UAE: Tax Compliance rate increases in Q1
UAE April 25, 2022:
During the first quarter of 2022, businesses across the UAE have adopted the new tax structure and increased their compliance on regulations by depicting 2.42 percent growth in registration for value-added tax (VAT), as per data reports.
The Federal Tax Authority (FTA) said the number of VAT registrants rose to 367,157 this quarter (January-March) compared to 358,468 in the same quarter last year.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the FTA Board of Directors, issued directives to maintain the pace of upgrades made to the FTA’s services in line with international best practices and digital transformation plans.