The UAE Council of Ministers has adopted Cabinet Decision No. 39 of 2017 on Fees for Services Provided by the Federal Tax Authority and Cabinet Resolution No. 40 of 2017 on Administrative Penalties for Violations of Tax Laws in the UAE.
“These decisions bring an added layer of transparency to the authority’s relationship with its customers,” said Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance. “This, in turn, provides extra incentive for stakeholders and all concerned parties to abide by tax regulations.”
Cabinet Resolution No.40 of 2017 on Administrative Penalties for Violations of Tax Laws in the UAE applies to all violations of Federal Law No.07 of 2017 on Tax Procedures, Federal Decree-Law No. 07 of 2017 on Excise Tax, and Federal Decree-Law No.08 of 2017 on Value-Added Tax, VAT. The decision states that a fine must be no less than Dh500 and no more than triple the value of the tax on the transaction in question.
Source Credit: Khaleej Times
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