Latest News Updates
FTA Extends Grace Period upto 1 year to pay penalties
Dubai – January 27, 2022:
The UAE’s Federal Tax Authority (FTA) extended the grace period to benefit from re-determination of administrative penalties on violating tax laws until December 31, 2022.
The reduced administrative penalties amount to 30 percent of the total unpaid penalties that were imposed before June 28, 2021. The authority further elaborated that tax registrants who were not able to benefit from redetermination by December 31, 2021, can benefit until December 31, 2022.
The Cabinet decision provided an opportunity for the business sector to benefit from the reduction of administrative penalties. The decision will reduce burdens on business sectors and enhance their abilities to contribute more to the growth of the national economy. The decision is also a part of the FTA’s goal to provide a legislative environment that encourages a high level of tax compliance.