The UAE Council of Ministers on Monday has announced the penalties for violations of the country’s tax law.
Since UAE will be implementing the VAT starting from 1st January 2017, our best and experienced value added tax consultant in Dubai will be able to provide the best advice for one.
The Cabinet decision states that a fine must be no less than Dh500 and no more than triple the value of the tax on the transaction in question.
In the case of a business failing to keep the required records and other information specified in the tax laws, the business will be fined Dh10,000 the first time and Dh50,000 for a repeat offence.
Businesses were required to have a full accounting of their stock and to begin keeping records as of October 1, 2017, upon the introduction of the UAE’s Excise Tax. We will offer your business with the best team of VAT advisory in Dubai, to help your business with a range of VAT services and advices.
Since UAE will be implementing the VAT starting from 1st January 2017, our best and experienced value added tax consultant in Dubai will be able to provide the best advice for one. our VAT consultant in UAE will be able to help your company out with the procedure of the registration.
Separately, a failure by the businesses to display prices inclusive of excise tax will incur a Dh15,000 fine.
As for VAT, the new decision states that a failure to comply with conditions and procedures related to keeping the taxable goods in a designated zone or moving them to another designated zone will result in a fine of Dh50,000 fine, or 50 per cent of the tax, whichever is higher, paid on the goods that resulted in the violation.
The Cabinet also decided on the fees for services provided by the Federal Tax Authority (FTA).
This decision outlined what fees would be collected for the services provided by the FTA to its clients.
Tax registration services and the issuance of an electronic tax registration certificate will be free of charge, the decision said. An attested paper registration certificate, however, will carry a Dh500 fee, whilst registration — and renewal — fees for tax agents were set at Dh3,000 for three years.
Our experienced VAT tax consultant in Dubai is licensed and experienced and will make sure that you get the best benefits when the tax is implemented