New Cabinet Decision No.49 introduced new penalty regime in the UAE.
Offering a tax amnesty scheme wherein the taxpayers can claim a penalty waiver of up to 70% of all unpaid penalties imposed before 28 June 2021 provided the penalties are paid prior to 31 December 2021.
Also, Cabined Decision introduced conditions to claim a reduction or exemption of administrative penalties by way of Cabinet Decision no. 51 of 2021 which is effective from 28 April 2021(instead of the current reconsideration mechanism).
Amended public clarification on registration of sole establishments
By way of publication of new public clarification VATP026 FTA continues to make small changes to its policy.
The amended point regards the definition of a 'Person' which is now to be understood as a legal person and a natural person.
Updated guide on VAT payments for commercial propertyFTA has recently published its updated version of the guide on VAT payments for commercial property.
The changes have been made only to section 2.2. related to the information required before making the payment.
Thus, the following information should be provided:
- land department name
- transaction number and date
- sale and VAT amount
- payee details