UAE Launches New Tax Program for Small and Medium-Sized Businesses

The United Arab Emirates (UAE) has announced a new tax program called the ‘Muwafaq Package’ to support small and medium-sized enterprises (SMEs) in the country. It aims to encourage tax adherence and promote entrepreneurship and innovation across UAE.

SMEs can register for the Muwafaq Package via the digital tax services platform, EmaraTax. The program offers diverse tax solutions and educational materials about taxation systems that are designed for the requirements of SMEs.

The Federal Tax Authority (FTA) hopes that this initiative will encourage young businessmen to play their part in various sectors, including the economy. The program provides many advantages for SMEs, which they can get by participating in FTA’s training programs regarding the basics of the tax process.

It also gives them several other benefits like access to tax accounting programs and software at competitive prices, priority service for registered representatives, immediate appointments with tax relationship managers, and special offers on tax agent services.

Muwafiq Package is critical to the government’s efforts to diversify its sources of income and develop national human resources, with SMEs playing an integral role in achieving these goals. Through these measures, the FTA will contribute to the success of policies tailored to empower entrepreneurs and drive economic growth.

The FTA anticipates that introducing the Muwafaq Package will increase tax literacy among those running these businesses and provide proactive services to this huge section.

Crafts international and UAE news into concise pieces, catering to today's busy readership.