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UAE businesses get relief on late payment of VAT and voluntary disclosures gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
Collective relief To discourage delay in payment of taxes, the UAE Government had earlier kept severe penalties ranging from 6 per cent of the unpaid tax for the first month of delay and up to 1 per cent per day, with an upward ceiling limit of 300 per cent. While the intent to impose penalty was in good spirit, it unfortunately also applied to cases where businesses came forward suo moto (by submitting VD) to admit a genuine mistake of an error or omission in their past tax filings. Cognizant of this, the UAE Government on April 28, 2021 issued Cabinet Decision No. 49 of 2021 significantly reducing the quantum of penalties across various categories of violations. The three key changes were (i) reduction in late payment penalty from 1 per cent per day to 4 per cent per month (ii) no late payment penalty on voluntary disclosure if tax is paid within 20 days of its submission; and (iii) introduction of amnesty scheme enabling a reduction in unpaid past penalties by 70 per ce ....