Amendment in VAT fines and penalties
Federal Tax Authority (FTA) has reduced old VAT fines and penalties in UAE. The objective of VAT fines reduction and discount is to cover up the impact of COVID-19.
Through this way, companies will get a chance to look back at all their VAT errors and fix them to avoid VAT penalties. Following are the comparisons between old and new VAT fines and penalties by FTA.
1. Late VAT Registration fine
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- Old – AED 20,000
- New – AED 10,000
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Source: BMS Auditing
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