VAT relief: UAE latest changes on late payment of VAT penalties for businesses Earlier, voluntary disclosures too carried high penalty charges and that’s scaled back
Tax rules relaxed, penalties reduced in the UAE
The UAE cabinet has amended the Executive Regulation of Federal Law on Tax Procedures.The amendment extends the tax notification from 10 to 40 working days. The amendment also covers the time limit for issuing the decision of the Federal Tax Authority to reduce or exempt administrative penalties from 20 to 40 working days from the date of receiving the application.
This came as the Cabinet met on Wednesday. Chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, it approved several strategies.
The cabinet approved the issuance of a decision regarding the requirements of the Natural Person Insolvency Law. The law aims at enhancing the competitiveness of the UAE by ensuring the ease of doing business and creating favorable conditions for individuals facing financial difficulties.
How can we help?
If your business in DMCC/JLT Dubai and is looking to understand more about the taxes in the country and conduct an audit for your company, then you can take the assistance of Alya Auditors– Chartered Accountants. Alya is a reputed name in the field of Auditing and Accounting and is also a certified firm in almost all the free zones in the UAE including DMCC, DWC, DWTC. We will assess all the needs and requirements of the company and accordingly provide a solution.
For any more details on the services provided by Alya Auditors -Chartered Accountants, feel free to Contact Us. We will be happy to help.