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Companies operating in Designated Zones often have refund positions in their VAT returns, and the administrative penalties imposed on such companies were automatical...
The Federal Tax Authority (FTA) has confirmed the importance of Cabinet Decision No. (88) of 2021 to amend Article 51 of Cabinet Decision No.
The amendment allows tax registrants to avoid VAT double taxation
New law has come into effect as of October 30,2021
Tax Conversations: Understanding VAT de-registration, an obligation or an option? Pankaj S. Jain Photo: Wam file Failure to apply for de-registration within 20 business days attracts a penalty of Dh10,000 “Are you sure? We were never informed about it during our financial audits,” asked the CFO of a Jafza company, looking puzzled. “It is indeed mandatory to apply for VAT de-registration if your taxable supplies in the last 12-months is below Dh187,500,” I reaffirmed. “When was this requirement introduced, is it a new provision?” he asked curiously. “No, it has been the law since...