Dubai: The UAE government’s message to businesses is clear: Take taxes seriously, because non-compliance costs. That is according to tax expert, Amit Chib, who believes that the Cabinet decision will bring transparency to the relationship between taxable businesses and the Federal Tax Authority. Earlier this month, the UAE Council of Ministers announced the penalties for failing to comply with the country’s new tax laws. Set fines for failing to adhere to tax laws range from Dh1,000 to Dh50,000, however other violations will incur a penalty of 50 per cent of the unpaid tax, which could be significantly more than Dh50,000. Observers are quick to point out that penalties are an integral part of any legislation for non-compliance with tax laws.
Non-compliance costs: The UAE sets out punishments for not taking taxes seriously.
24 Oct, 2017 | Posted by Admin