He Federal Tax Authority (FTA) has signed a membership agreement with Etihad Credit Bureauthe federal entity responsible for regularly collecting credit information from financial and non-financial institutions in the UAE, to strengthen bilateral cooperation and benefit from the services of the Bureau and the credit information database to improve tax compliance in the UAE.
The agreement was signed by Khalid Ali Al Bustani, CEO of FTA, and Marwan Ahmad Lutfi, CEO of Etihad Credit Bureau, at FTA headquarters in Dubai.
The agreement aims to establish an electronic link between the two entities, allowing the Authority to directly access credit reports provided by the Bureau, using them to strengthen compliance with tax legislation based on authenticated and accurate information and evaluations.
“The membership agreement we have signed with Etihad Credit Bureau establishes an effective framework for bilateral cooperation which, in turn, serves to strengthen efforts to maintain high tax compliance rates in the UAE.”
saying Khalid Ali Al Bustani.
“We strive to achieve this goal by establishing an electronic link that allows the Federal Tax Authority to directly benefit from the distinctive services and database of the Bureau, where we can consult credit reports related to taxpayers, if necessary, to ensure precision in tax procedures. “
“This initiative forms part of the Authority’s plans to enhance its strategic partnerships with relevant government and private sector entities.”
Al Bustani aggregate.
“It allows us to rely on efficient procedures to perform tax audits, ensure the accuracy of tax returns and provide added value by saving time and effort. It also allows us to benefit from flexible data communication processes, adhering to the highest standards of security, confidentiality and data accuracy. The Authority is committed to continually developing its operational plans to ensure tax compliance in accordance with the highest standards of governance and transparency.”
“We are delighted to collaborate with the Federal Tax Authority through this agreement.”
fixed Marwan Ahmad Lutfi.
“One of our objectives is to empower government entities with deeper knowledge, supporting the improvement of credit, collection and audit policies by providing invaluable credit information and payment behavior patterns of companies and individuals.”
The agreement allows authorized personnel of the Federal Tax Authority to access taxpayer credit reports through Etihad Credit BureauDatabase, which facilitates and streamlines tax audit procedures and guarantees the veracity of the data in the Tax Returns. Direct digital procedures using an electronic link between the Authority and the Bureau provide immediate and accurate updates on the credit status of taxpayers.
News source: Emirates News Agency