According to the Federal Tax Authority (FTA) of UAE, there would be Dh15000 fine on businesses – that fail to display their tax-inclusive prices. FTA mentioned businesses which are eligible for excise tax and VAT (value-added tax) and said, they must display the prices of their products along with the services they provide – in order to save themselves from the penalties and a massive fine. VAT consultancy UAE gives each and every information related to the VAT and penalties linked to it.
In a statement, the FTA urged consumers to know what their rights are, according to the law and mentioned that the prices displayed on goods must be inclusive of taxes and if they didn’t display tax-inclusive prices, then there would be a penalty of DH15000 on them - highlighting the VAT compliance and filing.
FTA also highlighted that the displayed price must be the total amount that customers will pay on getting the UAE tax invoice – including the total price and the tax which is charged from it. FTA also added that it would be considered as a violation if any firm or individual display price excluding the amount of tax – since this practice misleads the customers.
The Federal Tax Authority also urged businesses that are registered for excise tax and VAT to follow the tax laws so that they could avert administrative fines and penalties. The VAT survey started in UAE, at the beginning of 2018 - at 5% rate and the excise tax was implemented last year - at a rate of 50% on carbonated; 100 % on products like energy drinks and tobacco.
Read More: Federal Tax Authority–All Registered Firms Must Submit VAT Returns
Read More: Federal Tax Authority–All Registered Firms Must Submit VAT Returns
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