UAE authority extends grace period for tax registrants
The decision will enhance the ability of businesses to contribute to the growth of the national economy
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UAE authority extends grace period for tax registrants The decision will enhance the ability of businesses to contribute to the growth of the national economy The United Arab Emirates (UAE) tax authority has extended the grace period for tax registrants to get their penalties re-determined for violating tax laws until December 2022. The earlier deadline was 31 December 2021. The...
UAE authority extends grace period for tax registrants
The decision will enhance the ability of businesses to contribute to the growth of the national economy
The United Arab Emirates (UAE) tax authority has extended the grace period for tax registrants to get their penalties re-determined for violating tax laws until December 2022. The earlier deadline was 31 December 2021.
The Federal Tax Authority (FTA) clarified that tax registrants who had not met the necessary conditions to benefit from the administrative penalties' re-determination by the previous deadline, could now do so by ensuring they met the conditions by this year-end.
Highlighting the eligibility of the tax registrants, it added that firstly, the administrative penalty should have been imposed before 28 June 2021, and the amount due was not settled in full before that date. Secondly, the tax registrant has settled all payable taxes by 31 December 2022. Thirdly, the tax registrant has also settled 30 per cent of total unpaid administrative penalties no later than 31 December 2022.
The FTA said that should the registrant meet these conditions, the administrative penalties would be re-determined to equal 30 per cent of the total unpaid penalties.