It bears the name 'Dubai' in Arabic and dates back to the 1960s
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The UAE’s Federal Tax Authority (FTA) on Monday extended the grace period for the re-determination of administrative penalties of tax registrants until December 31, 2022.
The decision has been taken to reduce burdens on businesses during the pandemic and enhance their abilities to contribute more to the growth of the national economy.
The reduced administrative penalties amount to 30 per cent of the total unpaid penalties that were imposed before June 28, 2021. The authority further elaborated that those tax registrants who were not able to benefit from redetermination by December 31, 2021, can benefit until December 31, 2022.
Highlighting the eligibility of the tax registrants, it added that firstly, the administrative penalty should have been imposed before June 28, 2021, and the amount due was not settled in full before that date. Secondly, the tax registrant has settled all payable taxes by December 31, 2022. Thirdly, the tax registrant has also settled 30 per cent of total unpaid administrative penalties no later than December 31, 2022.
The FTA confirmed that the actual values resulting from the re-determination of administrative penalties have already been reflected in the accounts of many eligible tax registrants who had met the conditions and paid the penalties by December 31, 2021.
However, a review of some tax registrants’ records is still ongoing to identify if anyone else is eligible to benefit from the re-determination of the administrative penalties scheme.
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FTA called on tax registrants who’ve received notifications to provide the FTA with supporting data, to submit the required information without delay so that its team may complete the procedures for reviewing such records and implement the re-determination of administrative penalties on the accounts of eligible registrants.
Anurag Chaturvedi, CEO of Chartered House, this decision will support tax registrants to fulfil their tax obligations and boost the UAE’s competitiveness in doing business amid an ongoing pandemic.
“Federal Tax Authority has been working in the best interest of the tax registrants and they should take advantage of this amendment to stay compliant with tax laws and regulations. Furthermore, as per recent Cabinet Decision No. 105 of 2021, a taxable person can apply for a waiver in full or in part (in certain scenarios) of the administrative penalties or can apply for payment of such penalties (if penalties are more than Dh50,000) in instalments,” added Chaturvedi.
-waheedabbas@khaleejtimes.com
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