UAE's Federal Tax Authority launches 'Muwafaq Package' to facilitate SMEs
Through the initiative, SMEs will be provided with customised services, incentives, and privileges. It can be accessed by SMEs that are registered in the digital tax services platform EmaraTax.
The UAE's Federal Tax Authority (FTA) has launched the “Muwafaq Package” initiative to facilitate the execution of business as well as tax compliance in the SME space.
Through the initiative, small- and medium-sized enterprises (SMEs) will be provided with customised services, incentives, and privileges, read a report by WAM (Emirates News Agency).
The package can be accessed by SMEs that are registered in the digital tax services platform EmaraTax. It will also offer educational materials about tax systems.
Tailored for SMEs, Muwafaq Package aims to encourage entrepreneurship as well as innovation by empowering individuals. The launch is also aimed at supporting the youth in the SME space, said Khalid Ali Al Bustani, Director-General of FTA.
It also enables participation in FTA's training programmes on the basics of tax procedures to raise the founders' awareness, and facilitate them in complying with tax legislation.
The incentives and privileges are focused on encouraging tax compliance, comprising access to tax accounting programmes and software at competitive prices, 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 FTA, added the report.
With this, FTA will also be able to recognise the hurdles the sector may face, create solutions to address and overcome the identified challenges, and provide registrants with tailored educational materials regarding tax procedures to uplift self-compliance.
The initiative falls under the FTA’s strategy to support the Government Accelerators Project by the UAE government.
The project is aimed at applying a novel approach to government functioning and implementing major and speedy transformational projects that are built around developing "the world’s best and most dynamic economy", as well as spearheading significant economic transformations across different areas of government work.
Further advantages for SMEs will be announced in the future.
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Edited by Kanishk Singh