The Federal Tax Authority (FTA) has signed a Memorandum of Understanding with the Ras Al Khaimah Chamber of Commerce and Industry to build an effective and dynamic partnership between the two entities and support the FTA’s strategy to promote tax awareness among the business community and investors.

This, in turn, contributes to implementing the UAE’s strategy, vision, and general objectives to support entrepreneurs and investors.

The MoU was signed by FTA Director-General Khalid Ali Al Bustani and Acting Director General of RAK Chamber of Commerce and Industry Muhammad Hassan Al-Sabab, at the Authority’s headquarters in Dubai.

The agreement aims to strengthen and expand collaboration across several areas, including raising awareness about tax registration and its role in diversifying the region’s economies and the types of taxes in the UAE.

Additionally, it provides for closer collaboration to develop, implement, and enhance a series of workshops to educate and raise awareness about tax procedures and laws among entrepreneurs and investors in RAK’s business community.

Al Bustani said, “The MoU we have signed with the Ras Al Khaimah Chamber of Commerce and Industry creates a model for working closely with the Authority towards promoting awareness of the UAE tax system. It also allows us to identify the challenges and opportunities in the business community and devise innovative plans and solutions for a sustainable tax sector within the country’s integrated infrastructure.”

For his part, Al-Sabab said, “The Chamber will seek to provide all necessary resources and submit suggestions for optimising the management of these procedures, which support all of our members, as well as the small and medium-sized enterprises (SMEs) sector in the UAE, and Ras Al Khaimah, in particular."

He added that the agreement calls for both parties to be invited to economic events and trade delegations as they become available.

Under the terms of the MoU, the two entities will collaborate on the Muwafaq Package initiative, launched by the Federal Tax Authority to support SMEs in the UAE, focusing specifically on Ras Al Khaimah. It also calls for organising conferences, seminars, and specialised workshops that correspond to the areas and interests of each party.

Furthermore, the collaboration will include inviting experts from the Federal Tax Authority to deliver lectures to entrepreneurs, business leaders, and investors in the business community of Ras Al Khaimah. This will further support the strategic plan of the FTA’s Awareness and Education Department to enhance tax awareness within the business community.

Additionally, the partnership includes participation in economic events and trade delegations based on availability and suitability for both parties.