UAE – Mubasher: The UAE has been elected as a vice chairman of the Belt And Road Initiative Tax Administration Cooperation Forum (BRITACOM), which took place in China during the period between 18 April and 20 April.
Khalid Ali Al Bustani, chairman of the Federal Tax Authority (FTA), presided over the UAE’s delegation during the three-day event, FTA said in a statement.
The event hosted tax officials and experts from dozens of countries and international organisations.
It aims at offering a new mechanism to create a more favorable tax environment for enterprises and countries involved in China's Belt and Road Initiative (BRI).
“In the past years, companies and business realize that tax is a very important parameter here. As they consider more about after-tax returns, they come to us saying that we need to do something together,” Liao Tizhong, director general at International Taxation Department of State Taxation Administration of China, commented.
The forum also discussed the fairness and taxation capacity building, the statement added.
“BRITACOM could help simplify our tax laws and facilitate the investment,” Ike Odume, director at Federal Inland Revenue Service of Nigeria, concluded.
It is worth mentioning that BRITACOM’s coming edition will take place in Kazakhstan, where more specific details on the mechanism will be ironed out.