UAE Tax Authority Announces One Year Extension on Grace Period
- Publish date: Thursday، 22 December 2022
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The Federal Tax Authority (FTA) has called on tax registrants to benefit from the Cabinet Decision to extend the grace period to benefit from the re-determination of administrative penalties on violating tax laws until 31st December, 2022, which would make the amount of the total unpaid penalties due until 28th June, 2021 equal to 30% of such unpaid penalties, provided the conditions set by the Cabinet Decision are met.
The FTA explained that according to the Cabinet Decision on Re-Determination of Administrative Penalties imposed for violating tax laws, the tax registrant who was not able to fulfil the conditions to benefit from redetermination before 31st December 2021, may fulfil the conditions before 31st December, 2022.
The authority called tax registrants to fulfil the requirement to pay the full tax payable, and 30 percent of the total unpaid administrative penalties that were imposed before 28th June, 2021.
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Thee FTA confirmed that administrative penalties imposed on the tax registrant will be redetermined within a maximum of 30 business days from the dates specified in the Cabinet Decision, providing all conditions are met.
The FTA clarified that tax registrants who had not met the necessary conditions to benefit from the administrative penalties re-determination by 31st December, 2021, can do so by ensuring they meet the conditions by 31st December, 2022.
FTA called on tax registrants who received notifications to provide the FTA with supporting data, to submit the required information without delay so that the FTA team may complete the procedures for reviewing such records and implement the re-determination of administrative penalties on the accounts of eligible registrants.
This article was previously published on UAE Moments.To see the original article, click here