UAE’s Federal Tax Authority to Broaden the use of Tax 10 Platform
2 min
As part of the ‘UAE Innovates 2024’ initiative occurring throughout February, the Federal Tax Authority (FTA) has entered a partnership with the 01GOV Platform to expand the application of its Tax 10 platform.
Launched in the previous year, Tax 10 was developed by the Authority to foster innovation, enhance excellence, and stimulate professional inventiveness among its workforces. The goal is to improve service offerings, contribute to sustainable growth in both organizational and personal performance levels, and cultivate an innovative culture.
This collaboration underscores the FTA’s commitment to contributing to the ‘UAE Innovates 2024’ initiative during its month-long execution. It seeks to foster collaborative efforts among different government bodies, regional academic establishments, and tax agencies to boost innovation within the public sector and demonstrate how cutting-edge technology can be utilized to enhance government operations.
Khalid Ali Al Bustani, the FTA’s Director-General, emphasized the organization’s dedication to strengthening strategic alliances with various stakeholders to nurture an innovative ethos and empower community members. This effort aims to create forums for experts to share and learn from best practices and insights in leveraging technology in government taxation services.
Al Bustani highlighted the partnership with 01GOV Platform as a critical move towards launching innovative projects that anticipate future needs, helping the FTA achieve its strategic objectives and adapt swiftly to global trends in governmental innovation. This collaboration is a step towards realizing a comprehensive digital transformation in line with the UAE’s national strategy.
Additionally, Jassim Al-Haddad, head of the FTA’s InnoVATion Team, detailed how the expansion of the Tax 10 platform will enhance regional collaboration by offering licenses to tax authority representatives in the GCC and support sectors such as education and government by providing UAE university and government representatives, along with community members, with access to the platform through 100 licenses for a six-month period.
The Tax 10 platform, a pioneering initiative in the MENA region, delivers extensive content on government innovation, carefully chosen by the FTA over time. It showcases global best practices in taxation, supports innovation leaders with specialized digital resources and tools, and documents the FTA’s achievements in digital format.
Developed with the latest technology and intelligent systems, the Tax 10 platform is designed to engage FTA employees actively in the creation and development of future tax initiatives and improvements in the Authority’s operational and service frameworks. It features a digital observatory with over 3,000 global government innovation practices across 15 sectors, such as taxation, financial innovation, government operations, and future capabilities.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Highlighting a significant recovery and robust growth across all key performance metrics.
3 min
Bank of Sharjah has released its results for the period ending 30 June 2024, showcasing robust performance and strong momentum since the beginning of the year. The Bank reported a net profit of AED 171 million, a significant turnaround from the AED 144 million loss in the same period last year.
This remarkable improvement is attributed to a substantial increase in net interest income, stringent credit underwriting, and reduced operating costs, marking a 233% increase over the previous year when excluding the one-time impairment charge from de-linking its Lebanese subsidiary.
The Bank’s exceptional financial results highlight the effectiveness of its strategic focus on sustainable growth, with notable improvements across all major performance metrics. Funded and unfunded income both saw increases, with net interest income rising by 108% and operating income growing by 34%.
Additionally, the cost-to-income ratio improved significantly to 40.1% due to cost discipline measures. The balance sheet remains strong with a loans-to-deposits ratio of 86.63%, indicating comfortable liquidity. The Bank also maintains strong capitalization, with a regulatory capital adequacy ratio exceeding 15% and Tier 1 and CET1 capital ratios around 14%. These positive results underscore the Bank’s underlying strength, operational efficiency, prudent risk management, and ongoing enhancement of shareholder value.
Commenting on the Bank’s results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated: “We are pleased with our outstanding performance in the first half of 2024, which reflects our commitment to adding value to our customers, supporting our communities, and rewarding our shareholders. Despite the challenging geopolitical situation in the region, the UAE economy has remained resilient and continues to register healthy growth following various economic diversification initiatives that provide consistent impetus for trade, investment, and wealth creation. Bank of Sharjah has entered a new chapter with a new leadership team, focused on building new business streams, expanding our reach across the UAE and the region, and delivering exceptional service to our customers.”
He added: “Our performance in the first half of the year demonstrates the effectiveness of our new strategy, and we look forward to delivering continued growth in the years to come.”
The CEO, Mr. Mohamed Khadiri, commented “2024 has begun exceptionally well for Bank of Sharjah, with the bank achieving a record year-on-year profit. I am delighted with our stellar performance as we continue to strengthen the bank’s fundamentals. Our outstanding results reaffirm that our new business strategy is on track to deliver sustainable revenue growth, driven by business expansion, operational efficiency, prudent risk management, and talent development. This achievement is also a testament to the Bank’s success in providing high-quality financial services that meet the aspirations and growing needs of our customers.”
He further added: “Bank of Sharjah is a strong and respected brand within the local community. We are leveraging our core strengths to build a platform that will operate at its full potential across the UAE and the region. The Bank remains focused on executing our strategy and is well-positioned to maintain strong performance throughout 2024 and beyond.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
