June 25, 2022
UAE: Compliance on tax regulations rises in Q1
The businesses across the UAE have adopted the new tax structure and increasing their compliance on regulations by posting 2.42 per cent growth in registration for value-added tax (VAT) during the first quarter of 2022, latest data shows.
The Federal Tax Authority (FTA) on Wednesday said the number of VAT registrants increased to 367,157 in January-March quarter compared to 358,468 in the same quarter last year.
The FTA board of directors, who met under the chairmanship of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the FTA board of directors, adopted the authority’s financial statements for 2021.
