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Needs for maintaining proper VAT records for businesses

Federal Tax Authority will be commencing Tax Audit for all companies in UAE to review how well VAT implementation has been complied in their company businesses in order to know whether the they have maintained proper business records or not. All businesses in UAE must maintain their records properly to be ready for a Tax Audit anytime by Federal Tax Authority. For that companies or businessman need to know about what is the price they have to pay for not complying with VAT in the UAE:-

AED 20,000/- Failure of a taxable person to submit the VAT registration within the time frame (extended upto 30th April 2018).

AED 1,000/- Failure for the first time in VAT Return Filing.

AED 2,000/- Subsequent failure within 24 months for not Filing the VAT Return.

AED 15,000/- Failure to display prices without including tax.

AED 10,000/- Failure to maintain records for the first time.

AED 50,000/- Subsequent failure to maintain the records.