Residents with any information have been urged to contact the concerned authority
emergencies8 hours ago
The Federal Tax Authority will get tough on companies, which are obliged to register for value-added tax (VAT) but have not done so from next month, said a senior official.
Khalid Ali Al Bustani, director general, Federal Tax Authority, said during a media briefing on Wednesday that the postponement of the penalty for late registration till April 30 was agreed to get companies onboard who had not registered yet.
"Beyond this period, there will be no reason for the companies not to register and they will be subject to several penalties. We are working with economic departments to arrange roadshows also to help these (non-registered) companies register. Beyond that, we will take our role for auditing the companies and exchange information with other regulators who register companies to know which companies have not registered for VAT yet," he said.
"They (companies) need to be prepared to have their records audited. We are asking for voluntary submission now and will not tolerate tax evaders. Since companies have enough time to understand law, there is a certain limit after which FTA has to take action.The FTA gave time to businesses to adjust their systems. So now we are having a roadshow in April and there is nothing after that," he issued a stern warning to non-registered companies during a media briefing on Wednesday.
He pointed out there will be several penalties like Dh20,000 for late registration, another penalty for late payment, fine for not submitting returns and even conducting business without VAT registration could also attract fine under tax evasion.
As many as 275,000 companies and individuals had registered for VAT upon completion of 100 days. The VAT compliance ratio, under which companies were obliged to register for VAT for meeting the Dh375,000 threshold, was 98.8 per cent, which is one of the highest in the world, the authority said.
"We had two cycles of compliance and submitting returns where we achieved 98.8 per cent compliance. So far, 275,000 companies have registered. Overall, there has been good compliance with the registration of VAT," Al Bustani said.
Al Bustani noted that the large entities had submitted their tax returns and the results are good.
Upon the completion of 100 days, 14,402 companies were asked to resubmit their applications while 2,160 applications are currently pending with the tax authority. As many as 77 tax agents passed the FTA exam while 21 are currently registered. The remaining 56 are currently complementing registration requirements.
According to FTA, approximately 100,000 telephone calls were answered during the first 100 days, averaging 1,123 calls per day while 70,000 email queries were answered during the 100 days, averaging 787 emails per day.
Residents with any information have been urged to contact the concerned authority
emergencies8 hours ago
Northeastern University in Boston says the action was taken after some protesters resorted to virulent anti-Semitic slurs
world9 hours ago
The church has been built on 4.37 acres of land, and stands opposite the BAPS Hindu temple
uae9 hours ago
A detailed guide on where to apply, the steps involved, and criteria for eligibility
uae9 hours ago
The Emirates called for strengthening the international humanitarian response and providing urgent relief to those in need
mena9 hours ago
Photonics is the study of light and has several applications including LED, VR, holograms, high-speed internet and solar panels among other things
uae10 hours ago
A delegation from Egypt arrived in Israel on Friday hoping to revive the truce negotiations
mena10 hours ago
The decision aims to protect the safety and security of pilgrims
gulf10 hours ago