PHOTO
19 March 2017
The UAE’s Federal National Council (FNC) approved a draft federal law regarding the introduction of taxation procedures at a meeting on March 15, a move that indicates that the state is in advanced stages of preparations to put a taxation system in place. (Read more here)
The tax procedures draft law included clauses laying out processes for the submission and collection of taxes, according to a transcript of the FNC meeting. Here is a guide to the main points:
- Each taxpayer must provide a tax statement and supporting documents in Arabic.
- Penalties will apply to taxpayers who had intentionally refrained from paying taxes or those who provided false or incorrect documents.
- Tax violators or evaders will be subject to either imprisonment or a fine that would not exceed five times the tax amount that was evaded, or both.
- A director general and tax auditors will be appointed to enforce the tax law by a decree from the Minister of Justice.
The six members of the Gulf Cooperation Council (GCC) will all simultaneously introduce a law to implement value-added tax (VAT) in 2018, even if it means a slight delay due to some countries lagging behind in their preparations, an official in the United Arab Emirates (UAE) said. (Read more here)
The UAE is expected to earn around 12 billion dirhams ($3.3 billion) of revenue from VAT in its first year.
A source familiar with the GCC’s VAT preparations told Zawya on Thursday that UAE President Sheikh Khalifa bin Zayed Al Nahyan is expected to pass the VAT law in the country within the next four months. (Read more here)
Click here to read Zawya’s Special Coverage on the introduction of VAT across the GCC
© Express 2017
The UAE’s Federal National Council (FNC) approved a draft federal law regarding the introduction of taxation procedures at a meeting on March 15, a move that indicates that the state is in advanced stages of preparations to put a taxation system in place. (Read more here)
The tax procedures draft law included clauses laying out processes for the submission and collection of taxes, according to a transcript of the FNC meeting. Here is a guide to the main points:
- Each taxpayer must provide a tax statement and supporting documents in Arabic.
- Penalties will apply to taxpayers who had intentionally refrained from paying taxes or those who provided false or incorrect documents.
- Tax violators or evaders will be subject to either imprisonment or a fine that would not exceed five times the tax amount that was evaded, or both.
- A director general and tax auditors will be appointed to enforce the tax law by a decree from the Minister of Justice.
The six members of the Gulf Cooperation Council (GCC) will all simultaneously introduce a law to implement value-added tax (VAT) in 2018, even if it means a slight delay due to some countries lagging behind in their preparations, an official in the United Arab Emirates (UAE) said. (Read more here)
The UAE is expected to earn around 12 billion dirhams ($3.3 billion) of revenue from VAT in its first year.
A source familiar with the GCC’s VAT preparations told Zawya on Thursday that UAE President Sheikh Khalifa bin Zayed Al Nahyan is expected to pass the VAT law in the country within the next four months. (Read more here)
Click here to read Zawya’s Special Coverage on the introduction of VAT across the GCC
© Express 2017
