Fine of Dh100,000 on retailers using VAT to raise product prices
Retailers have been warned about heavy penalty for misuse of VAT
A fine of Dh100,000 would be imposed on suppliers and retailers who raise prices of products more than the stipulated VAT (Value Added Tax).
According to Al Bayan newspaper, the Ministry of Economy stressed that it will slap a huge penalty on those who try to make an extra buck on the pretext of VAT.
The ministry sounded this stern warning on Sunday.
Dr Hashim Al Nuaimi, director of the consumer protection department, said that in cooperation with other financial bodies in the country, the ministry has established a committee to monitor the markets before and after the implementation of VAT on January 1, 2018.
He added that the panel will conduct surprise inspections to ensure the implementation of VAT as well as the selective tax.
Immediate action would be taken if the committee detects any violations, Al Nuaimi pointed out.
He stressed that the consumer protection law determines that the fine of raising the prices beyond VAT limit would be Dh100,000.
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