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Category: VAT Updates
Are you charging VAT on your Director’s fees?
Individuals who act as Directors and receive remuneration for their services should consider their VAT position carefully as they may be required to register and charge VAT on their fees. Failure to account for VAT correctly could lead to the Federal Tax Authority (“FTA”) not only claiming the foregone VAT but also imposing penalties. The penalties could be wide ranging from late registration (AED20,000) to failure to issue tax invoices (AED5,000 per invoice).
Continue reading “Are you charging VAT on your Director’s fees?”