UAE Cabinet approves new tax collection fines and fees

Published on Thursday, 5 October , 2017 22 Views

Dubai

The UAE’s Cabinet has approved new fines and fees rates related to tax collection in the country.

The announcement follows the implementation of an excise tax rate of 50 per cent on soft drinks and 100 per cent on energy drinks and tobacco products on Sunday.

Marriott CEO says success isn’t guaranteed, but optimistic on balance in KSA

Vast wealth and the promise of dramatic change make for cautious optimism concerning Saudi Arabia, the chief executive…

The country will also implement a 5 per cent value added tax rate on January 1 next year.

Under the new rules, the penalty for those that fail to pay tax is no less than Dhs500 ($136) and no more than triple the value of the tax on the transaction in question.

Should the company or person settle the fine they must also pay the tax owed. However, they can appeal any administrative penalties incurred.

Fees for services provide by the Federal Tax Authority have also been outlined.

Tax registration services and the issuance of an electronic tax registration certificate will be free but an attested paper registration certificate will cost Dhs500.

Registration and renewal fees for tax agents have been set at Dhs3,000 ($817) for three years.

For accounting software providers the registration and renewal fee is Dhs10,000 ($2,723) for one year and registering a designated zone will cost Dhs2,000 ($545) per year.

There are no fees associated with registering a warehouse keeper or issuing an electronic warehouse keeper registration certificate but an official printed certificate will cost Dhs500.

“These decisions bring an added layer of transparency to the Authority’s relationship with its customers,” said HH 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.”

“All customers can refer to the official Directory of Services Fees to know what is required of them to be in compliance with tax procedures.”

Preliminary estimates suggest the excise tax will add Dhs7bn ($1.9bn) a year to the state budget.

http://gulfbusiness.com/

Centro Olaya by Rotana Hotel unveiled in Riyadh

CENTRO Olaya, the sixth by Rotana Hotel in Saudi Arabia and the third in Riyadh, was inaugurated on…

Category Dubai, Gulf News | 2017/10/05 latest update at 1:00 AM
Source : | Photocredit :

23 Views
Comments Add comment

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.