Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA), explained the 70 per cent discounted tax penalties that accumulated past the May 28 due date.
During an exclusive interview with Dubai Eye 103.8's Business Breakfast, the Director-General stressed that there is no reduction in tax, but rather, a reduction in the penalties accrued over time.
Notably, the authority clarified that businesses who intend to avail the 70 per cent discount on tax penalties must clear all their tax dues before that has accrued before June 28 and pay 30 per cent of the penalty amount by December 31, 2021.
The UAE has also marked a strong growth in registered tax-paying businesses, which Al Bustani says is a reflection of growth in the UAE's economy.
An uptick in new businesses registering with the tax authority, and many enterprises below the taxable threshold, are now in the tax bracket, signalling an upward trend in the market.
His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has approved plans to create 178,000 jobs and aims to attract 39.3 million tourists.
Sam Bankman-Fried has been sentenced to 25 years in prison for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind's dramatic downfall.
Sam Bankman-Fried, the former billionaire cryptocurrency wunderkind, is set to be sentenced on Thursday over his conviction for stealing $8 billion from customers of the now-bankrupt FTX exchange he founded.
ADNOC has announced the start of crude oil production from its Belbazem offshore block, which is operated through a joint venture with China National Petroleum Corporation (CNPC), called Al Yasat Petroleum.
Shares of Donald Trump's Trump Media & Technology Group surged as much as 59 per cent on Tuesday in their Nasdaq debut, lifted by the former US president's supporters and providing him a potential windfall as he grapples with the costs of several legal cases.