Firms urged to take advantage of waiver on VAT fines

Dubai: The UAE’s Federal Tax Authority (FTA) urged businesses in the country to benefit from the authority’s decision to waive administrative penalties for late registration for value-added tax (VAT) up to April 30.

The FTA said in a statement that the decision only covers late registration penalties, and that taxable businesses are still required to settle all taxes due from January 1, 2018.

The authority said that the decision to waive penalties for late registration takes into account the lack of readiness among businesses when VAT first went into effect.