New VAT fines and penalties in UAE are announced by Federal Tax Authority (FTA) to assist businesses in UAE to get back on track after COVID-19 hit. FTA amends VAT penalties in UAE and offering huge discounts to motivate and push businesses to avoid further fines by ensuring VAT compliance. The amendments will be effective from 28 June 2021. Taxpayers may also benefit from a waiver of 70% of penalties that are unpaid on 28 June 2021 if they meet certain conditions.
Source xactauditing
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