Legislation detailing tax procedures in the United Arab Emirates (UAE) has been issued by the Gulf jurisdiction.
In a briefing note accountancy firm Moore Stephens explained that the new federal law for tax procedures laid the foundation for the planned UAE tax system, regulating the administration and collection of taxes, and defining the role of the Federal Tax Authority (FTA).
The legislation sets out the rules for the administration of VAT and covers tax procedures, audits, objections, refunds, collection, and obligations (including registration, VAT return preparation, submissions, payment and voluntary disclosure rules).
It also sets penalties for non-compliance, as well as processes for appeals, and establishes a fair and transparent environment for the FTA.
The legislation does not cover issues such as VAT liability. It is expected that the technical details of VAT will be included in implementing regulations, as was the case in Saudi Arabia. VAT registration for UAE businesses is due to begin imminently.
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