Taxpayers are now incentivized to take a proactive approach to tax risk mitigation as a new UAE penalty regime is announced
There was a palpable sigh of relief from UAE Taxpayers on Thursday 6 May 2021 as the controversial penalty regime for taxes was turned on its head following the announcement of Cabinet Resolution No. (49) of 2021. The reaction to the penalty regime changes has been overwhelmingly positive from businesses and tax professionals alike as arguably the most contentious area of the burgeoning UAE tax system appears to have been addressed.
Source GCCFintax
