Voluntary VAT Disclosures can Result in Huge Penalties.pdf
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What are the new VAT administrative penalties
The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
What are the new VAT administrative penalties
The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
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The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
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What are the new VAT administrative penalties
The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
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The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
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The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
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New rules on retrospective tax penalty waivers
For the first time since the UAE tax laws came into effect in October 2017, the legislation now:
Grants permission to pay tax penalties in installments.
Specifies reasons that permit penalty waivers. *
Prohibits installments or waivers if litigation is ongoing.
Allows for a class action against tax penalties.
Permits waiver of penalties paid during the past five years.
*Before, the legislation only stated that “accepted justifications” may substantiate penalty waivers, but it was unclear what would entail an accepted justification.
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This is a substantive consideration for taxpayers as they must weigh the risks of sacrificing litigation against the risk of receiving a rejection on an installment or waiver application.
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2. For question 7 on uncertain tax positions, the document suggests that the exposure draft's proposals for measurement could be overly onerous for companies due to the level of analysis and disclosure required.
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VIETNAM TAXATION – OUTLOOK ON THE EUROPEAN UNION VIETNAM FREE TRADE AGREEMENT...
The document discusses several issues with Vietnam's taxation system and opportunities presented by the EU-Vietnam Free Trade Agreement (EVFTA). It identifies inconsistencies between central government policies and local tax department practices, contradictory regulations, and complexity in VAT calculation and refund rules that create difficulties for businesses. Implementation of clearer rules and guidelines is needed to resolve tax payment issues, properly apply incentives, and avoid penalties from changing interpretations. The EVFTA is expected to boost investment and trade but also influence Vietnam to adopt more fixed and determined tax rules for greater certainty.
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VIETNAM TAX ISSUES – OUTLOOK ON THE EUROPEAN UNION VIETNAM FREE TRADE AGREEME...
The document discusses several issues related to Vietnam's tax system and opportunities under the EU-Vietnam Free Trade Agreement (EVFTA). It notes inconsistencies in how local tax departments apply tax incentives for businesses and calls for clearer guidance. It also points out complexities for enterprises in complying with the declarations and incentives across different documents. Additionally, it raises concerns about discrimination in value-added tax refunds for businesses with output VAT at 5% compared to exporters. Overall, it advocates for simplifying regulations and ensuring fair and consistent treatment of businesses under Vietnam's tax system.
Cleaning Up Your Tax with Voluntary Disclosure Agreements
While paying taxes might not be our favorite pastime, the overwhelming majority of taxpayers strive to file and pay all of their tax obligations. However, sometimes taxpayers' best efforts to comply with their tax obligations are not enough, especially in the state and local tax world. Although it may be an innocent mistake, such non-compliance may be very costly if it is first discovered by the state or local taxing jurisdiction, because the taxpayer will not only be subject to tax and interest but also harsh penalties (up to 25 percent or more).
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The document discusses common mistakes made in VAT accounting and VAT return filing in the UAE. It outlines 19 common mistakes such as lack of clarity on zero-rated vs standard-rated supplies, not following the correct tax invoice format, not verifying supplier tax numbers, claiming input VAT on ineligible expenses, and using Excel instead of approved accounting software. It also discusses how to deal with errors discovered after filing VAT returns, including adjusting errors under AED 10,000 in the current quarter or submitting a voluntary disclosure form for larger errors. Finally, it emphasizes the importance of year-end reconciliation of accounting and VAT records.
New rules on retrospective tax penalty waivers
For the first time since the UAE tax laws came into effect in October 2017, the legislation now:
Grants permission to pay tax penalties in installments.
Specifies reasons that permit penalty waivers. *
Prohibits installments or waivers if litigation is ongoing.
Allows for a class action against tax penalties.
Permits waiver of penalties paid during the past five years.
*Before, the legislation only stated that “accepted justifications” may substantiate penalty waivers, but it was unclear what would entail an accepted justification.
Importantly, taxpayers must now choose between either disputing tax penalties through the tax dispute resolution committees and the Federal Courts — or filing installment or waiver applications. The new changes make it unworkable for both to occur at the same time. And because of the time limitations, a dispute may be time-barred if the taxpayer opts to file an installment or waiver application instead of contending the penalties before the tax dispute resolution committees and the Federal Courts.
This is a substantive consideration for taxpayers as they must weigh the risks of sacrificing litigation against the risk of receiving a rejection on an installment or waiver application.
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Value Added Tax (VAT) is an indirect tax. It is a type of general consumption tax that is collected incrementally, based on the value added, at each stage of production or distribution/sales. It is usually implemented as a destination-based tax. It is also known as goods and services tax (GST) in some countries
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https://viralsocialtrends.com/vat-registration-outlined-in-uae/
14 August 2009 Short Fin48 Ppt Presentation
1. The document discusses comments on questions 7 and 16 from an exposure draft dealing with income tax published by the IASB.
2. For question 7 on uncertain tax positions, the document suggests that the exposure draft's proposals for measurement could be overly onerous for companies due to the level of analysis and disclosure required.
3. For question 16 on classification of interest and penalties, the document agrees that classification should be a policy choice but notes history shows understatement could occur without clear guidance. Clarification of measurement references is suggested.
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The e-commerce boom was marked by multiple players, rosy valuations and now slowly reality has set in and the price wars have taken their toll. The VAT authorities across the country have had their tryst with this industry with notices, demands, levy of entry tax and litigation. Currently whenever there is a tax or a business problem, the immediate response from the industry or the administrator or the media is that GST is the only solution.
What you should do to get your trn (Tax No) in UAE?
First Off, What is VAT in UAE?
Get to Know VAT
Who are the Eligible Businesses to Register for VAT in UAE?
What Documents Do You Need to Prepare for VAT Registration in UAE?
Documents required for VAT registration in UAE
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The document summarizes key aspects of Mexico's 2014 tax reform legislation:
- It aims to increase tax revenues by 5% of GDP, finance social programs, and reduce dependence on oil.
- It passed the Senate in October 2013 and makes major changes to the federal tax code, income tax law, VAT law, special production tax law, and other laws.
- Key changes include eliminating certain taxes, increasing income tax rates, limiting deductions, and expanding VAT to new items and services.
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As UAE prepares for the implementation of the new Tax Procedure Law for VAT in 2023, our comprehensive guide provides essential insights to help you prepare and succeed. Our complete guide has all the information you need to navigate this important change with confidence. Website: https://www.horizonbizco.com/everything-you-must-know-about-new-tax-procedure-law-of-uae-for-vat-2023/
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Vat penalties in uae
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Understanding VAT returns in the UAE can be challenging for businesses new to its tax landscape, mainly since VAT was introduced in January 2018.
https://www.ebs.ae/vat-and-excise-returns-filing/
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New tax rules for individuals working via their own companies for medium or large business. From 6 April 2020, new tax rules are proposed for individuals who provide their personal services via an ‘intermediary’ to medium or large business. An intermediary may be another individual, a partnership, an unincorporated association or a company. The most common structure is a worker providing their services via their own company (PSC) which is the term used in this letter to summarise the rules which will apply to all intermediaries. Similar rules were introduced in 2017 for public sector organisations receiving services from PSCs. The 2020 rules will use the 2017 rules as a starting point which means, in practical terms, that the principles have already been decided but some aspects of the detailed operation of the rules will be decided in a consultation process. Draft legislation has been published which will, subject to consultation, be included in the next Finance Bill.
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The method and procedure for VAT registration in UAE is rather straightforward, and to register for VAT, our VAT Experts will guide you along with the complete procedure.
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The COVID-19 pandemic has disrupted businesses globally and will likely transform how companies operate going forward. Companies should consider changes to their external interfaces like focusing more on online sales and domestic customers. Internally, companies need to re-examine their structures, processes, and resource utilization. This includes restructuring organizations if needed for survival, streamlining and automating processes, reducing redundancies, outsourcing non-core functions, and focusing resources on essential needs rather than "nice to haves". Adopting these internal efficiencies will help companies emerge from the crisis stronger.
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A Guide on Statutory leaves in the United Arab Emirates.pdf
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- 1. Voluntary VAT Disclosures can Result in Huge Penalties UAE based businesses will have to pay penalties for voluntary disclosures, from the date of the original VAT return in which the error was made to the date of receipt of payment of the VAT. Initially, penalties on voluntary disclosures were treated as admin fines, and heavier penalties were not imposed for late payments. The ruling by UAE Federal Supreme Court comes as a huge shock for businesses, as the penalties can reach up to 300 percent of the dues. The judgment by the Federal Supreme Court will be the first final and conclusive judgment to be issued on penalties for voluntary disclosure. The judgment may affect upcoming decisions to be issued by the various Tax Dispute Resolution Committees and Federal Courts. A voluntary disclosure is a form provided by FTA that gives taxpayers an opportunity to voluntarily notify the authority about any error or omission in a previous Tax Return, Tax Assessment or Tax Refund application. A voluntary disclosure must be submitted within 20 business days of the taxpayer identifying an error. “It is always better to ensure there aren’t any errors or omissions in the VAT return form, rather than worrying about penalties at a later stage or not disclosing prior period errors to the FTA. VAT plays a significant role on the entire business system and penalties that result from voluntary disclosure can affect cash flow adversely. Hence, it is important to have the right procedures in place’, says Jay Krishnan, Partner at HLB HAMT. It has been almost three years since UAE implemented VAT, but the trend of committing errors while filing for VAT is still prevalent among many
- 2. businesses. HLB HAMT has an exclusive team of trained VAT Consultants who can assist you to steer your business smoothly through the tax laws. Voluntary VAT Disclosures can Result in Huge Penalties HLB HAMT Level 18, City Tower-2, Sheikh Zayed Road PO Box 32665 Dubai – United Arab Emirates. Tel: +971 4 327 7775 E-mail: dubai@hlbhamt.com www.hlbhamt.com