Proposed fees and fines for the upcoming Value Added Tax (VAT) have been approved by the Board of Directors of the Federal Tax Authority.
That’s after the Board finalized plans for introducing Excise Tax next month and VAT early next year.
The Authority has also confirmed that it’s working on issuing Executive Regulations for each law – in order to educate individuals and organizations about their rights and responsibilities.
Annika Papriwal of SME advisory firm VAP Consulting told ARN that the upcoming regulations, which are expected to be announced imminently, will provide greater detail on the implementation of VAT.
The Directors also reviewed the progress of tax education programs, including 35 awareness workshops that have targeted individuals across a range of business sectors.
Annika Papriwal of SME advisory firm VAP Consulting told ARN that despite clear signs from the government about timely implementation of VAT, many organizations have been slow to educate and prepare themselves for the upcoming changes.