Wednesday, 14 March 2018

The UAE Tax Authority To Abandon Late VAT Registration Penalties

Announced by the UAE's Federal Tax Authority (FTA)  that those types of business Which do not yet filled the VAT registration, it will waive late registration penalties, only for the condition that they do so by April 30 of this year.

In the statement issued on 5 March, The FTA explained that regardless waiving penalties until the end of April, The VAT due since the introduction of the tax on January 1 must still be paid.

All business in UAE is required to VAT Registration and collect and remit the value-added tax.

If until a time during the last 12 months the value of their taxable supplies proceeds increases the compulsory registration threshold of AED375,000 (USD102,110), or if the entity anticipates that they will exceed the threshold within the next 30 days.If any time until the last 12 month the value of taxable supplies.

Tax payable person can register voluntarily if the total income of their taxable supplies exceeded AED187,500, or if the business expects to exceed that threshold within the next 30 days.

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