All UAE businesses which have missed the VAT registration deadline are exempted from penalties for another couple of months by the FTA.
The FTA gave these companies until April 30 to register for VAT to avoid administrative penalties as many of them were smaller companies, companies located in the free zones or branches of foreign companies. The FTA has already registered around 260,000 businesses and there’s been a steady increase in tax compliance ratios. “Overall response levels to the new VAT regime by all segments of society are very satisfactory”, Sheikh Hamdan noted.
If your business is not VAT registered yet, contact us today and we will make sure to get you registered before April 30th and help you avoid administrative penalties.