The Federal Tax Authority (FTA) in Abu Dhabi has reported a rise in company registrations of 7% YoY for 2019 across the UAE, it was announced today.
The total number of VAT-registered companies rose to 320,440 in the year ending 31 December. This was accompanied by a rise of 21% in tax returns, the FTA reported.
Sheikh Hamdan bin Rashid al-Maktoum, deputy ruler of Dubai, UAE minister of finance, and chairman of the FTA's Board of Directors, said: "The results we have seen assert that the 100% digital tax system that was implemented in the UAE in accordance with international best practices has played a tremendous role in encouraging Taxable Persons to self-comply with the transparent and accurate procedures."
The FTA established a host of effective strategic partnerships with relevant entities in the public and private sectors."
"The Federal Tax Authority has achieved great success in all of the sectors it operates in and across all of its programmes," Sheikh Hamdan said.
"The FTA established a host of effective strategic partnerships with relevant entities in the public and private sectors; meanwhile, the number of users for the tax system grew exponentially as the number of registrants with the Authority grew, in parallel with the number of authorised clearance companies and Tax Agents."