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.
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