IS THERE ANY VAT PROFILE AMENDMENT PENALTY ? THE ANSWER DEPENDS UPON THE NATURE OF #AMENDMENT.
Does the VAT profile amendment lead to the penalty?
The answer depends upon the nature of the #amendment and the time of updation of the tax records kept by the authority.
For easy understanding, we can divide the updating records into two parts:
No.1 -Updation of expired documents.
For the time being there is no penalty for updating expired documents in the FTA profile. but we suggest updating all expired documents in the FTA profile at the earliest whenever such an event occurs.
No. 2 –subsequent changes in the Trade license.
If there are any changes in the trade license, like the Name of the company, address of the business premises, changes in the shareholding structure, activity changes, etc, you must inform the FTA by updating your records within 20 business days from the occurrence of such circumstances.
Failure to update the records within that period will be charged a penalty of AED 5000 the first time and AED 10000 in case of repetition.
*Please note the address field always follows the addresses as per the trade license.
For import code and bank updation, you need not go for amendment, you can edit directly in the profile.
- To understand the difference between Edit and Amendment related to VAT profile, kindly refer to our related videos.
Contact us:-
ADS ACCOUNTING & AUDITING CONSULTANCY L.L.C.
Contact number: 052 901 0017
Website: http://www.adsauditors.ae/
