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Page last updated:: Thursday, March 16, 2023

Federal Tax Authority launches Muwafaq Package initiative to facilitate doing business among SMEs

Federal Tax Authority launches Muwafaq Package initiative to facilitate doing business among SMEs Thursday, March 16,2023

Federal Tax Authority launches Muwafaq Package initiative to facilitate doing business among SMEs

 

  • H.E. Khalid Al Bustani: The initiative offers innoVATive tax solutions and digital learning materials to facilitate self-compliance, along with quick and precise procedures.

 

Abu Dhabi, UAE - 16 March 2023 – The Federal Tax Authority (FTA) has launched Muwafaq Package initiative to facilitate doing business and tax compliance in the small and medium-sized enterprises (SMEs) sector, offering them a set of customised services, incentives, and privileges.

 

The Authority announced that the initiative forms part of the FTA’s strategy to support the Government Accelerators Project, launched by the UAE government as part of its efforts to embody the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai, to apply the new approach to government work and implement major and rapid transformational projects that focus on building the world’s best and most dynamic economy, spearheading major transformations in the economy and across various areas of government work.

 

In a press statement issued today, The Authority announced that the Muwafaq Package can be accessed by SMEs registered in the tax system in the UAE through the digital tax services platform EmaraTax, and stated that Muwafaq Package offers innoVATive tax solutions for SMEs registered in the tax system, as well as educational materials about tax systems. The Package was tailored to SMEs and designed to empower the people behind these projects to be a driving force for the national economy, and promote entrepreneurship and innoVATion.

 

His Excellency Khalid Ali Al Bustani, Director General of the FTA, said: “The launch of Muwafaq Package forms part of our efforts at the Federal Tax Authority to support the youth in the small and medium-sized enterprises sector, in line with the directives of the wise leadership to promote youth empowerment and enable them to play their part in various sectors, including the economic sector.”

 

“Muwafaq Package provides many advantages for SMEs, which they can access by participating in our training programmes on the basics of tax procedures that raise their awareness about and help them comply with tax legislation, especially since SMEs represent the largest category of companies operating in the UAE,” H.E. added. “With that in mind, the Authority prioritises this important sector in its awareness activities, while maintaining contact with other industries.”

 

The FTA revealed that Muwafaq Package offers users a set of incentives and privileges to encourage tax compliance, including access to tax accounting programmes and software at competitive prices to ease financial burdens on SMEs; immediate appointments with tax relationship managers; special offers on Tax Agent services; and priority for registered SME representatives when completing certain services provided by the Federal Tax Authority.

 

Additional advantages include awareness workshops for SMEs registered for Muwafaq Package to introduce them to FTA’s services and its future directions and enhance their tax culture. The Package also allows the FTA to identify the challenges the sector may face, develop solutions to address and overcome them, and provide registrants with tailored educational materials about tax procedures to encourage self-compliance. Additional advantages will be offered to SMEs and will be announced at a later stage.

 

The Federal Tax Authority stressed that launching Muwafaq Package forms a part of its plans to ensure an ideal tax environment that encourages self-compliance and adheres to the highest standards of governance and transparency. The FTA also aims to contribute to government efforts to support entrepreneurs and SMEs, given the essential role they play in the success of policies to diversify sources of income, as well as strategies to develop and upskill national human resources.

 

The Authority expected that implementing Muwafaq Package would raise the level of tax awareness among the people running these companies, and provide proactive services to this large segment of the Authority’s customers.

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