Mof Discusses Application of VAT on Government Entities in Umm Al QaiwainSource: www.export-egypt.com 9/17/2019, Location: Middle East |
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As part of its efforts to bolster cooperation with local and federal authorities, and in line with its endeavor to ensure the optimal implementation of the tax system at a national level, a delegation from the Ministry of Finance, MoF, met representatives of the Department of Finance, DoF, and local departments in Umm Al Qaiwain at the Umm Al Qaiwain Cultural Centre.
During the meeting, the participants deliberated best tax practices for government entities, and discussed the role of MoF in providing support to federal authorities in processing and submitting tax returns. The meeting also addressed vital points and challenges related to tax-cycle applications, as well as the solutions to overcome them. Also discussed were aspects of joint cooperation between the ministry and the Department of Finance and local departments in Umm Al Qaiwain. The participants also shared their expertise in Value Added Tax, VAT, application and other common financial areas at the meeting. Mariam Al Amiri, Under-Secretary Financial Management Sector, reaffirmed the ministry's keenness to cooperate with various local and federal entities and institutions to support MoF’s strategy to manage federal resources efficiently and effectively. She said, "The visit of the ministry’s delegation to the Department of Finance in Umm Al Qaiwain is part of its commitment to coordinate efforts with relevant authorities to ensure government entities follow best tax practices." During the meeting, representatives of the Ministry of Finance gave a detailed presentation on VAT application and procedures to review and submit tax returns to the Federal Tax Authority. The presentation also included various tax classifications as well as a detailed rundown of the steps and procedures to review and prepare tax returns. This included the concept of input and output tax, and methods to record accounting entries for VAT. Also discussed were administrative fines for tax law violations, as well as the steps to submit requests for tax recovery and voluntary declaration of tax returns. |
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