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UAE: First Details Published of Incoming Tax Administration and Compliance Requirements

The first details of the administration and compliance requirements relating to the country’s new tax regime were announced on 31 July, following the enactment of the Tax Procedures Law, the legal basis for all future tax-related issues including registration, collection, refunds, audits, objections, and returns. As well as clarifying the rights and obligations of the Federal Tax Authority (FTA), including the proposed procedures for the maintenance of tax payer confidentiality, the legislation also included provisions relating to voluntary disclosure and tax evasion.

The new law also established a national register of the tax agents entitled to interact with the FTA on the behalf of tax payers. Furthermore, it outlined the record keeping requirements expected of businesses, while specifying the likely penalties for non-compliance with the new tax regulations.

The introduction of the new tax legislation is intended to help the country develop new income streams as it diversifies beyond its existing reliance on oil revenues. To this end, the first of the country’s new measures – a 5% VAT charge on goods and services – will be implemented as of 1 January 2018.

For further details, see UAE: 5% VAT Set to be Implemented from 1 January 2018, exemptions allowed.

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