News headline 1 : : The UAE's Ministry of Finance has listed out a number of entities that are not required to register for Corporate Tax. News headline 2 : : The ministerial decision on the Exception from Tax Registration will apply to government and government-controlled entities, extractive businesses, and non-extractive natural resource businesses. News headline 3 : : Additionally, a non-resident person will not be required to register for Corporate Tax if they earn only UAE-sourced income and do not have a Permanent Establishment in the UAE. News headline 4 : : Meanwhile, federal government, UAE government departments and authorities, and other public institutions, do not require to register under Federal Tax Authority as long as they continue to meet the conditions for tax exemption. News headline 5 : : Federal Tax Authority ramps up its efforts by expanding inspection visits by 104% in six months. News headline 6 : : Dubai Financial Services Authority Introduces Whistleblowing Regime News headline 7 : : Big update on UAE Corporate Tax. News headline 8 : : Regular Auditing and maintaining accounts have a greater contribution towards the successful running of a business. The lack of proper books of accounts and regular auditing often results in the business owners continuing to run the venture with the impression that it is going on profitably, while it might be running in loss. The realization comes late and the resultant damages are often irreplaceable. This is where a pragmatic approach to External Auditing services in UAE becomes inevitable. Every business needs the service of professionally qualified and experienced External Auditors in UAE to look into their accounting activities.

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File Reduction Or Waiver Of Fine Imposed By FTA.

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File Reduction Or Waiver Of Fine Imposed By FTA

According to the Federation Tax Authority ( FTA) if a person or category has violated provision of tax legislation can apply to authority regarding reduction or waiver of the fine imposed . The condition is that the excuse should be accepted by the authority and there is evidence which justify the existence of the excuse as well as the violation which has led to the imposition of fine.

The commission stated that under Cabinet Resolution 51 of 2021 amending the executive regulations of the Federal Law on Tax Procedures a group or individual found to have violated the provision of law or tax law will be able to apply for a reduction or waiving of fine imposed to the authority. It will be done in accordance with a set of controls.

The committees studied that the number of cases of violations of the law was 100 per 100,000 while the number of cases of violations of the law was 100 per 100,000.

The Authority confirmed that under this amendment offense made will not be accepted if it is established that the person's violation was intentional. The excuse is accepted on the basis of a decision by a tripartite committee formed by a decision of the Director-General of the Authority. The committee will be competent to study, accept or reject the excuse, with the Authority issuing its decision to reduce administrative fines or exemption during (40) working days from the date of receipt of the application.

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The request for the reduction or waiver of the penalty needs to be filed within 10 days of the release of notification