UAE: Implementing Regulations to Tax Procedures Law Amended
The UAE’s Cabinet has approved amendments to the Implementing Regulations to the Tax Procedures Law. The amendments extend the tax notification period from 10 to 40 working days. They also cover the time limit for issuing the decision of the Federal Tax Authority to reduce or exempt administrative penalties from 20 to 40 working days from the date of receiving the application.
They also approved a Cabinet Decision on the requirements of the Natural Person Insolvency Law. The law aims to boost the UAE’s competitiveness by making it easier to do business in the country and create more favourable conditions for individuals facing financial difficulties. The debt value which requires a debtor to submit a request to start the insolvency process is set at 250,000 AED.