Understanding the Penalties of Late Tax Filing by VAT Consultancy in the UAE

The VAT registered businesses in the Emirates has to file for the returns on time I.e. no later than 28th day of the deadline of the tax period. The violation of nit filing the VAT on time can lead to several consequences that can emerge in penalties as well as fine. This is the reason collaborating with VAT agent in Dubai can aid in providing you with all the necessary information on the tax and filing them right on time.

VAT is induced on consumption and this tax is applied on almost all goods and services. With its adaptation in the year 2018, most companies have understood the fact that with the help of an authorized VAT Consultant they can file the returns without any error and on time. This is the reason when it comes to taxes, it is always advised to look for an expert with experience and knowledge and filing these taxes can make your job easier. Moreover, with professional help, you are certain that everything is inline, so you do not have to worry about the audit from the revenue department.

Let’s address the consequences you will face if VATreturns not filed on time:

·         Failure in filing within a specified period, for the first offense you will be charged with 1000DHS.

·         For the second offense you will be charged with 2000 DHS and that will be within 2 years of committing the aforementioned violation.

·         2 percent will be deduced if the tax isn’t filed under the specified time frame by VAT authorities and regulations.

·         4 percent id deduced on the seventh day that is followed right after the payment deadline is extended.

·         If there is a disclosing mistake, then 3000DHS will be filed for first offense and 5000DHS for the second offense.

·         Price display which should be on invoice penalty is of 15000DHS.

·         Failure in providing the insurance in credit notes is charged with 5000DHS.

All in All

With every error you make in your taxes after you have missed the deadline, you will be charged with a significant amount that you have to pay after correcting the wrongful tax filing. Thus, hiring a reliable VAT agent UAE will help you to stay steer away from any penalties and fines. So, take time in finding the tax consultant to get the job done perfectly and stay away from any jurisdictions or perjury.

Comments

  1. AnonymousMay 19, 2022 at 10:23 PM

    This blog gives us more insights into understanding the vat consultants in Dubai. Thanks for providing information regarding it.

    ReplyDelete

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