VAT PENALTY UPDATE - UAE | Waiver on Administrative Penalties | FTA | Major Takeaway | Fines Reduced

The FTA has recently announced an amendment in VAT penalties that will be levied post 28th June 2021 and a waiver on existing penalties imposed prior to 28th June 2021. Here we will discuss some of the major takeaways from this update from the FTA’s announcement.
It is important for you to be aware of these major changes so you don't just take advantage of this waiver, but also being aware of the important changes in these penalties will help make the right tax decisions for your company.
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Click here to read in detail - www.msiauditors.com/revealed-...
Timestamp
0:00 Intro - VAT penalties being updated and waived
0:57 Waiver of VAT administrative penalties by FTA
1:53 Major updates of penalties - Intro
2:14 Updated penalty for late registration
2:26 Updated Penalty for Submitting Voluntary Disclosure
3:27 Updated Penalty for late payment of VAT
4:07 Any update on late VAT return filing?
4:22 Outro on Updated tax penalties
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We are one of the oldest audit firms based out of UAE, with over 30 years of experience. This makes us one of the pioneering audit firms in the UAE. We are experts in Audit, Accounting, Taxation & Consultancy related services. Get in touch with us for more professional advice on your company's VAT compliance requirements in UAE.
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[@AshrafKhan-ub9uu]

Very Informative. How to check due date of VAT De-Registration penalty ?

[@uzairakhlaque1102]

What about late payment penalty fees, you just read it... I want to know the exact mechanism of it. Just like it was previously 2% just after due due till a week and on the 7th day the penalty goes to 4% fixed on unpaid tax amount which donot change upto one calendar month and after one calendar month of filing 1% daily penalty eas imposed, so this is how the previous penalty works. Kindly guide the proper mechanism on new late payment penalty

[@MSIAuditors]

Thank you for the question. It is not clear which part of the explanation was not proper. 2% immediately 4% after 1 month & additional 4% every month after The maximum limit is 300% -MSI Team

[@riyasks2220]

Hi sir, Please make a video regarding reconsideration

[@advancedlivingsolutions495]

Hi, thanks for the great content. Just want to clarify if there's any procedure or forms to be applied to the FTA visa eservices portal to benefit from this redetermination/waiver OR administrative penalties imposed before june28 2021 are automatically reduced to 30 % if the 3 conditions are met by the registrants?

[@MSIAuditors]

no forms need to be submitted. If you meet the criteria then you will be considered for the discount. -MSI Team

[@sanilahamed8803]

A

[@justinekurian864]

administrative penalties imposed before june28 2021 are automatically reduced to 30 % if the 3 conditions are met by the registrants? is there anything we need to submit in reconsideration section in FTA portal please clarify.

[@MSIAuditors]

Simply make the payment. FTA will automatically remove your remaining penalties after review in 2022

[@AbdulsalamCP]

Sir I have a company in UAE. Last 2 years we have Sales between voluntary troushold and mandatory troushold. If I register for vat on voulantary basis now, Is there any chance for late registration penalty ? Is it already late for Voluntary registration?

[@MSIAuditors]

No there won't be a penalty for late registration with the voluntary threshold. -MSI Team

[@ramshadcp4271]

Hello sir we already registered vat existing company. Now we open new company how can register... Both company are sole proprietor ship.. Only one owner... Kindly advise this matter

[@MSIAuditors]

In such a case only 1 TRN is needed for both the companies as it is a sole establishment. We have made a video on this topic, click here - kzbin.info/www/bejne/robZoICpeZl9bs0 - MSI Team

[@MrAshudxb]

Hi I have total penalty due before 28-06 is 9400 , do need to pay only 30% of that before 31-12-21 Am I understood correct??

[@MSIAuditors]

Yes if they are administrative penalties, your understanding is correct.

[@hellomarhaba5397]

Which option i need select for my paying my penalty fine … for getting 30 % offer on penalty 1. Tax liability cleared first 2.administrative penalty cleared first 3.oldest liability cleared first