The UAE government’s message to businesses is clear: Take taxes seriously, because non-compliance costs. “Those who do not comply with the tax provisions are bound to face penal consequences of up to Dh50,000 … Fines and penalties are the key drivers for a person to be more compliant with the law,” said Pratik Shah, Resident Partner at W T S Dhruva Consultants, a consultancy firm that worked with the Indian government on the Goods and Services Tax (GST).
Jan Melchior Nawrot, Manager, Excise and Customs Team, Deloitte, department at Deloitte, told Gulf News he is glad that the penalties were published publicly, because “it may mobilise business owners to think more seriously about the potential costs of non-compliance”.
Following repeated claims of VAT being delayed, Federal Tax Authority (FTA) Director-General Khalid Ali Al Bustani said earlier this month that these claims were false and the tax was fully on track to launch on January 1.
Source Credit: Khaleej Times
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