Gulf
Today, Monday, Nov 28, 2022 | Jamadi Al Awwal 4, 1444
EmaraTax a cornerstone to shape future of UAE tax system: Official
Gulf Today, Staff
Reporter
The new and improved integrated digital tax service platform EmaraTax, set to be
launched by the Federal Tax Authority (FTA) in a few days, will be a cornerstone
of our efforts to shape the future of the UAE tax system,” asserted FTA Director
General Khalid Ali Al Bustani at an awareness seminar the Authority organised
for the platform.
Titled ‘The EmaraTax Platform and Its Role in Enhancing the FTA’s Preparations
for an Advanced Future Tax System’, the seminar is one of a series of events the
Authority held to mark World Future Day.
“The launch of the EmaraTax digital platform, to be followed by its dedicated
smartphone application at a later time, is part of the Federal Tax Authority’s
continuous modernisation plans, which aim to prepare for a more developed future
and achieve the FTA’s main goal to become a world leader in the tax sector,” Al
Bustani said.
“Over the course of several months, the Authority collaborated with the
competent authorities, making intensive efforts to build the digital EmaraTax
platform in accordance with the latest technologies used globally in the tax
field,” he added. “The platform is a notable leap forward in the plans to
upgrade the tax system and achieve the Authority’s strategic goals to drive
digitalisation in all of its services, in line with the UAE’s comprehensive
digital transformation.”
The FTA Director General went on to note that the team in charge of implementing
the EmaraTax digital tax service platform and smart application strived to
create an integrated portal to enhance and streamline the experience for FTA
clients, allowing them to manage their tax operations efficiently, quickly,
seamlessly, and transparently.
“Throughout the development of the EmaraTax platform, the Authority was
committed to integrating its services with the ones provided by other relevant
government entities, including the Central Bank, and with national programmes
such as UAE PASS, in an effort to streamline and optimise the use of shared
data, thus facilitating operations and services for users,” Al Bustani
concluded.
Meanwhile, Alpen Capital’s latest retail sector report for the GCC projects the
industry to surpass pre-pandemic levels in 2022, registering a 15.7%
year-on-year growth and reaching a revenue of US$ 296.8 billion. It adds the
industry is expected to further grow with a Compounded Annual Growth Rate (CAGR)
of 5.7% by 2026.
UAE-based investment banking advisory firm, Alpen Capital, launched its latest
GCC Retail Industry report recently featuring forecasts on the sector, analyzing
recent trends, growth drivers and challenges facing this dynamic segment. It
also profiles some of the renowned retail companies in the region.
“The GCC retail industry is poised to grow at a healthy pace due to favorable
demographics, improving macroeconomic factors and revival of the tourism
industry. The sector is also expected to benefit from the governments’ push
towards economic diversification and a growing prominence of omni-channel
business models. The industry was severely hit by the restrictions imposed
during the pandemic; however, retailers were responsive to the changing demands
and innovated to sail through difficult times. As the retail industry continues
to recover, there is an urgent need for retailers to upscale their digital
presence to stay relevant as well as compete with regional and international
players.”, says Sameena Ahmad, Managing Director, Alpen Capital (ME) Limited.
“The GCC retail industry is in a transformation phase with the pandemic
impacting consumer behavior and buying patterns while putting e-commerce at the
forefront of retail. Operators have shifted their focus on brand acquisition to
strengthen their geographical presence as well as expand and diversify their
product offerings. Larger e-commerce players are likely to acquire niche
operators offering customized products and services. Going forward, we expect
consolidation in the industry to intensify in order to drive earnings, gain
market share and improve operational efficiency.”, says Krishna Dhanak, Managing
Director, Alpen Capital (ME) Limited.
According to Alpen Capital, the GCC retail industry sales are forecasted to grow
at a pace of 5.7% CAGR between 2022 and 2026 to reach US$ 370.0 billion.
The industry is expected to see renewed growth largely driven by the anticipated
rebound in economic activity, increase in population, upcoming mega events and
rising adoption of digital technologies. Regional governments are also making
significant investments to enhance the leisure and entertainment sector while
also enhancing the tourism and hospitality infrastructure as it witnesses influx
of tourists post the pandemic.
Non-food retail sales are forecasted to grow at a CAGR of 6.2% between 2022 and
2026 while food retail sales are anticipated to increase at an annualized rate
of 4.9% during the period.
Retail sales in the GCC nations are projected to grow in the range of 3.5% and
7.3% CAGR between 2022 and 2026. Saudi Arabia and UAE continue to lead the
retail sales regionally, cumulatively accounting for 78.5% of the total sales by
2026. This is largely due to their large and diverse population base,
liberalization of policies and a growing appetite for unique shopping
experiences. Retail sales in the Kingdom and UAE are forecasted to grow at a
CAGR of 6.5% and 5.1%, respectively, between 2022 and 2026.