by United VAT
Posted on Oct 14, 2017
The Federal Tax Authority (FTA) joined the e-Dirham system, which is a fully integrated electronic payment and revenue collection developed in partnership with First Abu Dhabi Bank.
The federal tax authority in the signing ceremony with the UAE Ministry of Finance joined E-Dirham system, which is a fully integrated electronic payment and revenue collection system. It was developed in collaboration with the first Abu Dhabi Bank. It will strengthen the reach of the country's official smart payment system.
The document validating this adoption was signed by Saeed Rashid Al Yateem, Assistant Undersecretary for Resources and Budget Sector at the MoF; and Khalid Ali Al Bustani, director-general of the FTA.
"Partnering with the MoF for the e-Dirham is a significant part of our efforts to upgrade the services that FTA offers. It is a move in line with the FTA's aim to adopt an integrated e-service that will allow us to streamline the processes in the tax system." Said Al Bustani.
According to the tax experts in UAE 5% VAT will not be levied on amount withdrawn from ATMs of banks other than their own bank - but only on the Dh2 fee will be charged by the banks.
Declining the news of the delay in implementation of VAT in UAE Khalid Ali Al Bustani, director general of the Federal Tax Authority, says VAT will start as planned on Jan 1 2018.
Executive Regulations for the Federal Decree-Law No. (8) of 2017 on Value Added Tax, VAT were signed and approved by the Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE.