An overview of records to be maintained by a taxable person
Introduction of VAT has made maintenance of Accounts and records compulsory to comply with the provisions of Federal Tax authority. Also the law has requirements to keep the records for specific period. It is the responsibility of each tax person to maintain proper records as the Authority may perform a Tax Audit on any Person to ascertain the extent of that Person’s compliance with the provisions of this Law and the Tax Law.
For non availability of of the specified records a taxable person will be liable to pay penalties and fines.
Basic Details based on TAX Filing
Categorised Details based on TAX Filing
All the above mentioned records shall be maintained for specific periods as mentioned below:
First Time Failure : AED 10,0000
Repetition of Failure : AED 50,000
As per Cabinet Decision No.40 of 2017 under the Table of Violations and Administrative Penalties
Entities thus has to warrant changes in the ERP and the accounting software once registered for TAX. It is necessary for every business to understand their responsibility of maintaining the prescribed documentation strictly.
So instead of the pursuing the documentation compliance as an additional burden of expenses to the business it should be treated as a measure of avoidance of unnecessary enormous penalties.
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