On 28 April 2021, the UAE Cabinet of Ministers issued Decision No. 49/2021 amending provisions of Cabinet Decision No. 40/2017 regulating tax penalties (the “new Decision”).
Important highlights:
– Late payment penalties reduced from 1% per day to 4% per month.
– 300% cap still applies.
– New starting date for calculating late payment penalties.
– Reductions for prior penalties to be made.
– Effective sixty days as of 28 April 2021.
Source Wasel & Wasel
Latest Posts in "United Arab Emirates"
- ZATCA Announces 24th Wave of E-Invoicing Phase 2 for VAT-Eligible Taxpayers
- UAE Updates VAT Guide: New Rules on Input Tax Apportionment and Recovery Percentage
- UAE Implements New E-Invoicing System with Amended VAT Regulations and Ministerial Decisions
- UAE Unveils Phased Implementation of National E-Invoicing System
- RTC Webinar Recording & Slide deck: UAE e-Invoicing: A Corporate Perspective on the Mandate and Opportunities
