On 24 October 2016, the President of the United Arab Emirates, Khalifa bin Zayed Al Nahyan, issued the decree for the establishment of the Federal Tax Authority (FTA). The establishment of the FTA is needed to administer the value added tax that will be introduced in 2018 ({News-2016-05-09/A/3- previous coverage}), as well as the potential corporate tax that is currently being designed. The FTA will be responsible for setting up and maintaining records on taxpayers and on taxes paid, issuing guidelines on federal taxes and related fines, and reviewing/auditing tax returns submitted. Federal tax revenues and fines that are collected...