UAE’s Federal Tax Authority Launches the EMARA TAX
With digitalization influencing every field in the industrial and government sectors, operations have become smoother and more efficient. Considering the perks of this system, recently, the Federal Tax Authority of UAE initiated a new policy in December 2022. This blog delves deeper into the various features and profits of this law.
The EMARA TAX
The EMARA TAX, launched by the FTA on 5th December 2022, is a rewarding policy that eases the creation of a digital platform for tax management in the UAE. A hassle-free process followed by which all the information and data of current users have been successfully transferred per the new guidelines. The law doesn’t disturb the operations of the tax authority while allowing users to use the convenient and advanced platform. Khalid Ali Al Bustani, the respectable Director General of FTA, stated the launch was a “significant step forward” for the FTA.
Main Features Of The EMARA TAX
1. Enhanced Compliance And Lower Risks
EMARA TAX is a pioneer in making the tax-paying process more convenient and efficient. This is because it will provide a clear overview of the process. Furthermore, it will optimize administrative operations and ensure smooth communication between stakeholders. This will result in enhanced compliance and lower risks.
2. Convenient Track Record Maintenance
The new policy lets you track the status of your records and applications sent to the FTA. Hence, it becomes easier to analyze all your interactions with the authority and seek direction when needed.
3. Reduced Network Issues
This new introduction allows users to obtain an Excel sheet of their VAT returns. This can be conveniently submitted to the website without giving rise to an error possibility while entering these details manually.
4. Smooth De-registration
If you are free of the taxpayer due, you can now easily access the de-registration after filling out the previous VAT return. This is because EMARA TAX approves the de-registration commencement upon submission of the VAT return.
5. Improved Security
Security wouldn’t be a concern, thanks to the two-step verification introduced on the EMARA TAX platform. After you enter the login details, the website will confirm if it is you by a verification process.
The EMARA TAX that came into effect recently has a major impact on the tax system and hence, the businesses in Dubai. You can gain insight and guidance about the new policy and how it will impact your enterprise by consulting Consultycs. A brand with a positive reputation for its business consultancy and advisory services in the UAE market, Consultycs is the best place to turn for business-related solutions. Intending to improve the market value of its clients, Consultycs extends a wide range of services like VAT advisory, business formation, corporate financing, and more.
Consultycs provides guidance on how to comply with Emara tax laws and regulations, provides assistance with bookkeeping, and provides advice on tax planning and structuring.
