From 1 January 2018: Federal Law No. 7 of 2017 Articles 24-26 and 36-39 highlight the Penalties to be imposed on non-complying businesses. Does Your Business Comply?

Federal Law No. 7 of 2017 and Federal Law No. 8 of 2017 both identified many differing types of VAT penalties which businesses would be arising from non-compliance with the laws.

For example, the above laws describe the following instances which would result in your business incurring penalties:-

  • Failure to register within the required time frame.
  • Failure to submit tax return within the required time frame.
  • Failure to pay the payable tax within the required time frame.
  • Submittal of an incorrect tax return.
  • Failure to account for tax on behalf of another person.
  • Shortfall of payable tax as a result of Evasion.
  • Failure to keep required records and documents
  • Failure to submit records in Arabic when requested
  • Failure to submit a registration application within time frame
  • Failure to submit tax return within time frame
  • Submittal of an incorrect tax return
  • Failure to voluntarily disclosure

The above list shows just some of the examples whereby penalties arise and there are many more besides.

The cost of such penalties and violations was announced in the Cabinet Decision No 40 of 2017.

We are here to help guide your business through this minefield of penalties and to ensure your compliance with the Federal Law.

We offer bookkeeping services and all VAT work for a Fixed Fee to safeguard your business from these penalties.

Please contact us now to find out how we can help you.

 

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