What you need to know about penalties

The Federal Tax Authority is the arbiter of penalties for non-compliance with regulations falling within its remit. These include value-added tax, excise duty, economic substance reporting and, since June of this year, corporate tax.

If you were penalised under the earlier regimes, launched between 2018 and 2019, you can expect a similar approach going forward with corporate tax.

With many decisions to come from the three branches of government – the Cabinet, the Ministry of Finance and the FTA – it can be useful to read through…