FTA collaborates with ECB
The Federal Tax Authority teams up with Etihad Credit Bureau to promote better tax compliance.
The Federal Tax Authority (FTA) has entered into a membership agreement with Etihad Credit Bureau, a federal entity tasked with regularly gathering credit information from financial and non-financial institutions in the UAE. The objective is to bolster bilateral cooperation and leverage the Bureau's services and credit information database to improve tax compliance in the UAE.
The agreement, signed by His Excellency Khalid Ali Al Bustani, Director General of the FTA, and H.E. Marwan Ahmad Lutfi, Director General of Etihad Credit Bureau at the FTA headquarters in Dubai, aims to establish an electronic link between the two entities. This connection will enable the FTA to directly access credit reports provided by the Bureau. The intention is to utilize this information to enhance compliance with tax legislation, relying on authenticated and accurate assessments.
H.E. Khalid Ali Al Bustani emphasized the effectiveness of the membership agreement with Etihad Credit Bureau in establishing a robust framework for bilateral cooperation. This collaboration is instrumental in reinforcing efforts to maintain high levels of tax compliance in the UAE. The establishment of an electronic link, as part of this agreement, enables the Federal Tax Authority to directly utilize the distinctive services and database of the Bureau. This includes referring to credit reports related to taxpayers, ensuring precision in tax procedures.
H.E. Al Bustani highlighted that this initiative aligns with the Authority's strategic plans to strengthen partnerships with relevant government and private-sector entities. The electronic link facilitates efficient tax audits, accuracy in Tax Returns, and adds value by saving time and effort. It also allows the Authority to benefit from flexible data communication processes, adhering to the highest standards of security, confidentiality, and data accuracy. The commitment remains steadfast in continuously evolving operational plans to ensure tax compliance according to the highest governance and transparency standards.
H.E. Marwan Ahmad Lutfi expressed delight in collaborating with the Federal Tax Authority through this agreement, emphasizing the goal of empowering government entities with deeper insights. This support aims to enhance credit, collection, and auditing policies by providing invaluable credit information and payment behavior patterns on companies and individuals.
The agreement grants authorized personnel from the Federal Tax Authority access to taxpayers' credit reports through Etihad Credit Bureau's database. This facilitates and expedites tax audit procedures, ensuring the accuracy of data in Tax Returns. The use of a direct electronic link between the Authority and the Bureau enables immediate and accurate updates on the credit status of taxpayers.