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UAE: FTA offers 30% discount on unpaid penalties
UAE- September 15, 2021:
Tax regulation violators within the UAE can benefit from a 30 percent discount on unpaid penalties as per the recent Cabinet decision, the Federal Tax Authority (FTA) stated.
The liberal move intends to boost the UAE’s global business competitiveness by establishing a tax legislation environment that encourages self-compliance and offers significant support to the national economy.
The Cabinet Decision No. 49 of 2021 on Amending Provisions of Cabinet Decision No. 40 of 2017 outlines 16 types of administrative penalties that have either been reduced or had the method of calculation amended.
The amendments include administrative violations related to the application of Federal Law No. 7 of 2017 on Tax Procedures, Federal Decree-Law No. 7 of 2017 on Excise Tax, and Federal Decree-Law No. 8 of 2017 on Value Added Tax.