UAE Tax rules amended, penalties reduced24-05-2021
The Executive Regulation of Federal Law on Tax Procedures has been revised by the UAE cabinet.
The tax notice period has been extended from 10 to 40 working days as a result of the modification. The change also extends the time limit for the Federal Tax Authority to issue a decision reducing or exempting administrative fines from 20 to 40 working days from the date the application is received.
The cabinet approved the issuance of a decision regarding the requirements of the Natural Person Insolvency Law. The law aims at enhancing the competitiveness of the UAE by ensuring the ease of doing business and creating favourable conditions for individuals facing financial difficulties.
The cabinet gave its approval to the issuance of a decision respecting the Natural Person Insolvency Law's provisions.