Muwafaq Package Reports 4.5% Growth In Registrations, Totalling 54,000 Subscribers

The Federal Tax Authority (FTA) has reported a notable increase in the number of registrants benefiting from the Muwafaq Package, which was launched to facilitate business operations and tax compliance for small and medium-sized enterprises (SMEs). The package has shown significant positive results in its first year.

By the end of 2023, the number of subscribers to the Muwafaq Package from the SMEs sector increased to nearly 54,000. This marks a 4.5 percent growth from the 51,660 beneficiaries at its launch in March 2023. The FTA also indicated that outgoing calls to Muwafaq Package subscribers over the past year amounted to 43,990.

The Muwafaq platform recorded 1,660 visits and 6,400 clicks, with 142 appointments being booked through the platform. These indicators highlight significant interest in the Muwafaq Package from stakeholders in the tax sector. The platform reported a 96 percent satisfaction rate among users.

Social Media Outreach

The Authority posted five videos on its Instagram page to introduce the Package, which recorded over 1.23 million views. This demonstrates effective use of social media to reach and educate potential beneficiaries about the package.

Statements from FTA Director-General

FTA Director-General Khalid Ali Al Bustani stated, "All indicators confirm that the Muwafaq Package has achieved tremendous success in providing innovative tax solutions to facilitate compliance for small and medium-sized enterprises." He added that these efforts are part of the Federal Tax Authority’s mission to support youth in the SMEs sector.

Advantages for SMEs

Al Bustani explained that the Muwafaq Package provides numerous advantages for SMEs, including participation in training programmes on basic tax procedures. This serves to enhance self-compliance and raise awareness about tax legislation among SMEs, which represent the largest segment of companies operating in the UAE.

Promotional Offers and Workshops

The FTA highlighted growing interest in promotional offers for Tax Agents and Tax Accounting Software provided through the Muwafaq Package. A total of 339 SMEs expressed interest in these offers, with 56 benefiting from Tax Agent offers. The package includes 128 Tax Agents and five Tax Accounting Software Providers offering specialised offers for registrants.

The Authority also organised 12 introductory workshops about the Muwafaq Package, attended by more than 1,730 representatives of SMEs across all emirates. These workshops recorded a satisfaction rate of 89 percent among attendees.

With inputs from WAM