FTA and Mohammed bin Rashid Housing Establishment Sign MoU to Boost Tax Awareness and VAT Refund Processes for Emiratis

UAE, 12 August, 2024 :  The Federal Tax Authority (FTA) has signed a Memorandum of Understanding (MoU) with the Mohammed bin Rashid Housing Establishment, aiming to promote tax culture and streamline tax processes for UAE nationals building new residences.

The partnership focuses on organizing joint events and activities to raise awareness about Value Added Tax (VAT) refunds for Emiratis constructing new homes. This initiative aligns with the UAE leadership’s vision to provide a modern housing system that enhances citizens' wellbeing.

H.E. Khalid Ali Al Bustani, FTA Director General, and Omar Hamad Bu Shehab, CEO of the Mohammed bin Rashid Housing Establishment, signed the MoU at the Establishment’s headquarters in Dubai. The agreement establishes a framework for collaboration in raising awareness about tax legislation and compliance, particularly through workshops, seminars, and other educational events.

H.E. Al Bustani highlighted the FTA’s commitment to creating a tax environment that fosters compliance and transparency, emphasizing the importance of strategic partnerships in promoting voluntary self-compliance within the UAE’s tax system. He also noted the launch of the Maskan smart application, a 100% digital platform that facilitates VAT refunds for Emiratis building new homes.

Omar Hamad Bu Shehab expressed the Housing Establishment’s dedication to empowering citizens with the knowledge and tools needed to simplify housing construction processes. He underscored the importance of tax awareness in supporting the leadership’s vision for a dignified and stable life for all UAE citizens.

The collaboration will also see the two entities participating in economic events, engaging with trade delegations, and organizing specialized workshops, all aimed at reinforcing the UAE’s efforts to diversify its economy and promote sustainable development.

Source : www.tax.gov.ae