Dubai - Mubasher: The UAE’s Federal Tax Authority (FTA) has confirmed that there are six main cases in which those subject to the value-added tax (VAT) may face penalties.
The authority said that the fine for tax violations ranges between AED 5,000 and AED 50,000, according to Al-Bayan newspaper.
Taxable persons will face a fine of up to AED 15,000 if they do not display prices inclusive of the excise tax, FTA sources told the newspaper.
The UAE began implementing a 5% VAT as of 1 January.
The VAT is expected to raise AED 10 billion to AED 12 billion ($2.7 billion to $3.2 billion) during the first year. The VAT is imposed on all products and services, with the exception of 100 basic commodities.
