Recently, this has seen that the business which are having the penalty due to not filling their VAT return on time resulting daily penalty which is occurring for not making the payment out standing liability on and before the dead line.
There are so many gossips or rumours are going around now these days in the market that VAT registered business do not need to pay the penalty as the FTA is going to remove these penalties.
As per federal tax authority guide line, this is clearly mentioned that the business who has not done their submission and payment on time, following is the schedule of penalties.
1. The failure of the Registrant to submit the Tax Return within the time
2. The failure of the Taxable Person to settle the Payable Tax stated in the submitted Tax Return or Tax Assessment he was notified of, within the timeframe specified in the Tax Law:
Should you are facing of the above problems in your business please do not worry we are just a call away on 0971 55 971 6033