Federal Tax Authority: As the United Arab Emirates moves toward introducing tax laws in the nation, it is imperative to have a legal body that would cater to all the functions and management of the tax laws in the UAE.
For the same purpose, The President of the UAE H.H Sheikh Khalifa bin Zayed Al Nahyan had issued the Federal Decree-Law No. (13) Of 2016 that is entirely based on the establishment of the Federal Tax Authority in the UAE. This Decree-Law that deals with the Federal Tax Authority was issued in October 2016 and it was the first step taken towards the introduction of the VAT in the UAE.
The Federal Tax Authority will be an independent legal body that will be regulating all the matters pertaining to the tax and taxpayers in the country. It will not only be keeping an eye on the taxpayers but also act as a guide to the issues regarding the tax in the UAE.
The Federal Tax Authority will be headquartered in the city of Abu Dhabi and will be responsible for managing the administration, collection, and enforcement of the Federal Taxes and relevant penalties.
There will be an independent annual budget for the Federal Tax Authority and the funds in the budget will be treated as public funds therefore exempt from all taxes and duties.
With regard to the control and management of the Federal Tax Authority in the UAE, it will be managed by a Board of Directors having a chairman and will eventually appoint a Director-General for the Federal Tax Authority.
The chairman of the Federal Tax Authority is H.H. Sheikh Hamdan Bin Rashid Al Makhtoum and later Khalid Al Bustani was appointed as the Director-General of the Federal Tax Authority and the rank of an undersecretary in the Ministry.
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