Are you giving VAT exemptions? Be careful, it may pinch your pocket
All registered businesses were reminded to collect VAT on their taxable transactions by FTA. The regulator, said this, while issuing a warning against concessions allowed to individuals or organizations that do not fall under any of the exempted categories specified in the UAE tax laws.
Suppliers to be liable for not collecting tax
Taxable businesses were requested to remain vigilant and precise over their transactions. The authority clarified that no transaction should be considered as outside the scope of tax, unless it is so declared by MoF or FTA. Any lapse on collecting taxes will be illegal and the supplier shall be liable for the tax not collected on the supply.
FTA added that updated official-notices specifying the categories will be periodically issued.
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