The UAE has witnessed the second phase of the Marking Tobacco and Tobacco Products Scheme, which aims to boost the efficiency and effectiveness of tax control systems based on the latest digital technologies.
The move is part of the country’s efforts to transform into a knowledge-based national economy.
The Federal Tax Authority (FTA) asserted that it will ban importing waterpipe and electrically-heated tobacco products without the “digital tax stamps” as of 1 March.
In addition, the FTA stated that it will not allow supplying, transporting, storing, or possessing these selective goods that are not digitally defined in the local markets as of June.
Accordingly, the application of the marking scheme to tobacco has achieved tangible success in the first phase which came into as of January 2019. Moreover, it yielded good results in marking all types of imported, and locally manufactured and traded cigarette packets.
Thus, the UAE is the first country regionally to implement this digital scheme that aims to protect consumers from commercial fraud and poor quality products.
In addition, the scheme aims to protect the environment and human health, as well as boosting competitiveness and ensuring the highest levels of transparency.
Blockchain Adoption Can Save $3bn for UAE
The UAE can save over AED 11 billion ($3 billion) through adopting the cutting-edge blockchain technology, according to a recent whitepaper.
The paper, entitled “Inclusive Deployment of Blockchain: Case Studies and Learning from the United Arab Emirates” was jointly prepared by Dubai Future Foundation, C4IR UAE and the World Economic Forum.
The survey aimed to highlight the current deployment phases in the ecosystem as well as the relevant challenges and success factors.
More than 100 stakeholders from over 60 public and private entities actively use the blockchain widely across the country, the study showed.
Therefore, it seems that the UAE focuses on the blockchain industry as it was reported that 80% of public and private entities adopt such cutting-edge technology widely.