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UAE announces tax incentives for small business owners
The UAE has announced a package for SMEs in the country.
Many government resources are available for small businesses that drive the national economy, promoting entrepreneurship and innovation, offering free or low-cost capital, free counseling, and free training and educational programs.
In the UAE, small and medium-sized enterprises (SMEs) represent the largest companies operating. To support them, the Federal Tax Authority (FTA) has launched an initiative offering customized services, incentives, and privileges.
In a press statement, the FTA announced that the Muwafaq package could be accessed by SMEs registered in the digital tax services platform EmaraTax.
Khalid Ali Al Bustani, Director-General of FTA, said the initiative would support the youth in the SME sector; they can access the benefits by participating in FTA’s training programs.
The Muwafaq package includes access to tax accounting programs and software at competitive prices, immediate appointments with tax relationship managers, special offers on tax agent services, and priority for registered SME representatives when completing certain services provided by the FTA.
The initiative also allows the FTA to identify the sector’s challenges, develop solutions to address and overcome them, and provide registrants with tailored educational materials about tax procedures to encourage self-compliance.
The authority expects that implementing Muwafaq will raise tax awareness among the people running these companies and provide proactive services to this large segment of customers.