Media ININ Economy We Trust
MediaIn – Abu Dhabi March 5,
The Federal Tax Authority announced that the decision to exempt the business sectors in arrears in the registration procedures of the Authority with the value added tax system by the end of next April is related to exemption from administrative fines resulting from delay in registration only, noting that the taxes due to taxable persons from the beginning of implementation at the beginning of the year Current payment must be paid in full retroactively.
Khalid Ali Al Bustani, Director General of the Federal Tax Authority, said in a press release that “MediaN” received a copy of it to take advantage of the time limit granted by the Authority and with the approval of the Board of Directors of the Authority to take into account the lack of readiness of some works during the last period at the beginning of implementation. Which is keen to assist the business and to encourage them to comply with the procedures and tax laws on an ongoing basis to avoid administrative fines, stressing the need to accelerate the business sectors to register and not to delay the deadline limit by the 30th of next month to achieve compliance with the procedures In order to avoid the occurrence of irregularities and fines prescribed by law.
He said that the payment of taxes due to taxable persons starting from the beginning of implementation at the beginning of this year retroactively is under Federal Law No. 8 of 2017 on value added tax and its executive regulations.
He said that the business sectors have become aware of the importance of the tax system and the need to comply with tax procedures, stressing that the success of the system is a joint responsibility that requires the cooperation of all parties from the government, business sectors and society.
He pointed out that the ‘Federal Tax Authority’ is continuously communicating with all business sectors to identify their views and discuss ways to overcome any obstacles that may face them in such a way as to ensure the effective application of tax regulations and without affecting their activities.
