The Federal Tax Authority is teaming up with the Mohammed bin Rashid Housing Establishment to enhance awareness about taxes.
The Federal Tax Authority (FTA) and the Mohammed bin Rashid Housing Establishment have signed a Memorandum of Understanding (MoU) to strengthen their strategic partnership and promote tax culture on a wider scale. The agreement involves organizing joint events to highlight the latest updates regarding tax legislation and procedures, with a focus on processes for UAE nationals to request Value Added Tax (VAT) refunds for taxes incurred on building new residences. The MoU was signed by Khalid Ali Al Bustani, FTA Director General, and Omar Hamad Bu Shehab, CEO of the Mohammed bin Rashid Housing Establishment, in Dubai.
The agreement aims to develop relations between the FTA and the Establishment, laying solid foundations for collaboration across various fields. This includes coordinating events and initiatives to raise awareness about the importance of complying with tax legislation and procedures.
Khalid Ali Al Bustani stated, “Signing this Memorandum of Understanding with the Mohammed bin Rashid Housing Establishment contributes to establishing an effective framework for joint collaboration between our two entities, supporting our plans at the Federal Tax Authority to institute a tax environment that encourages compliance, in line with the highest standards of governance and transparency.” He also mentioned the Maskan smart application, recently launched by the FTA, as an important step towards offering additional facilities for UAE citizens to reclaim VAT they paid on building their new homes through digital and paperless procedures.
Omar Hamad Bu Shehab expressed, "We at the Mohammed Bin Rashid Housing Establishment are pleased to collaborate with the Federal Tax Authority on this important initiative. Raising tax awareness among citizens, particularly regarding housing construction, is crucial. Through this partnership, we aim to provide the necessary information and guidance to simplify the procedures involved, offering essential facilities associated with reclaiming VAT on housing construction."
The MoU aims to enhance collaboration between the FTA and the Mohammed bin Rashid Housing Establishment, including organizing workshops to spread tax awareness among business sectors, participating in economic events, and highlighting the importance of complying with tax legislation to support the UAE’s efforts to diversify the national economy and bring prosperity for all citizens, residents, and visitors in the UAE.