The following penalties will be levied on businesses by the FTA:
- Penalty of AED 10,000 will implement for not maintaining financial records and then AED 20,000 in case of repetition.
- Submission of Incorrect Tax return by the Registrant will be AED 1,000 for the first time and then AED 2,000 in case of repetition.
- Failure of the person conducting business to facilitate the work of the Tax Auditor will be AED 20,000.
- Failure of the taxable person to submit a VAT registration application within the time frame specified in the tax law will be AED 10,000.
- Tax Violations in UAE will also lead to shutting down of the business entirely and the cancellation of the Trade license.
– MAS Tax Agency will entirely represent your business in front of the Federal Tax Authority (FTA). Our tax agents experts will ensure that everything is in line with the FTA’s law and regulation.
Let MAS handle all your VAT aspects and save your business from unnecessary fines and penalties.