AED 15,000 The failure of the Registrant to inform the Authority of any circumstance that requires the change of the information pertaining to his tax record saved by Authority
FTA in Dubai kingdom that if you fail to inform them of adjustments in any situations you will incur a penalty of AED 5,000 initially and AED 15,000 for repeating it.
The principal gadgets that go out of date are as follows:
- Trade License
- Emirates ID
- Possible Passport Copy
The above are fundamental items that should always be updated when they are renewed, however the troubles arise when you are updating the items.
The FTA portal has been updated to make mandatory the need to encompass your financial institution account and power of authority, these objects had been not mandatory when many groups registered for their TRN wide variety in 2017.
Also for some agencies, the FTA uae requires them to grant a monetary announcement to verify the income and fee for the last 12 months. I would surely urge business owners to seek advice from a tax consultant when doing this as many groups are incorrectly registered for VAT and supplying such monetary statements ought to cause the FTA to request other information subsequently leading to a penalty of either AED 10,000 for failing to deregister or AED 3000++ for submitting and mistaken return.
To be sincere this is all it takes to preserve your FTA portal updated and in addition to the above the basics such as contact important points can only be up to date via an electronic mail to the FTA and not thru the portal.
Ali Afzal is the Managing Director and VAT accounting Consultant in UAE for Profits Plus Accountants registered as Profits Accounting and Bookkeeping a British Owner Managed Accounting Firm in Dubai. We manage over 100 clients vat submissions and cater for clients from around the World. We are registered with Xero Cloud Accounting as a Silver Tier Partner and our fees start from AED 850 per month. Contact me on [email protected] for more information.