Here are five things you need to know about the revised tax law:
1. All taxable persons are required to register under the respective country’s law i.e., VAT and excise, and apply for a Tax Registration Number (TRN) within a stipulated time frame once the new laws are published in UAE, which is expected soon.
2. There has to be the registration and appointment of tax agents and/or a legal representative, who will be responsible for all compliances and for tax payable on behalf of their principals.
3. There are strict penalties for non-compliance including prison terms for responsible and key management personnel/owners and also fines up to five times the tax due and payable by each taxable person and or entity who is in default including any wilful default of any tax provisions.
4. Procedures and timelines for appeals and its disposal have been clearly defined which is likely to be within 20 business days from the date of the taxable or appeal event or liability becoming due for payment.
5. Other key provisions include tax audits, inspections, appeals and their redressals etc.
Find more on UAE VAT Update from the Ministry of Finance