VAT Fines & Penalties in UAE
Tanvi Fal Dessai
Federal Tax Authority (FTA) had approved and disclosed the complete and final list of all the administrative VAT Fines and Penalties in UAE that were imposed on businesses for violations of the VAT laws.
Despite VAT being imposed on UAE in the last two years, there are various firms that still fail to work with the FTA taxation laws resulting in the violation of the law.
Following is the list of fines and penalties which were imposed by the FTA:
- The submittal of an incorrect Tax Return by the Registrant.
- A person not accounting for any tax that may be due on the import of goods as required under the tax law.
- Failure by the Taxable Person to provide the Authority with price lists for the Excise Goods produced, imported, or sold thereby.
- Failure by the Taxable Person to issue the Tax invoice or an alternative document when making any supply.
- Failure by the Taxable Person to comply with the conditions and procedures regarding the issuance of electronic Tax Invoices and electronic Tax Credit Notes.
One can escape itself from Tax penalties by voluntary disclosure form which is provided by the FTA to allow businesses and taxpayers to notify FTA about the errors/mistakes and changes in a Tax return or Tax Refund 211 in UAE. The form helps a taxable person to make corrections to the errors they have committed while submitting a VAT Return or applying for the VAT Refund. It gives a choice to the taxable person or business to voluntarily disclose the mistakes they have done in the previous VAT refund.
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