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UAE: Procedures for installment payments of penalties, administrative waiver of penalties

The tax authority introduced procedures for taxpayers to resolve tax penalty liabilities in installments and also for the administrative waiver of penalties.

The measures have an effective date of 1 March 2022.

Regarding the procedures allowing taxpayers to resolve tax penalties through installment payments, a request must be submitted to the tax authority. The tax authority will approve the requests when the following conditions are met:

• The request is submitted for unpaid penalties only.
• The unpaid penalties requested for installments are not less than AED 50,000.
• The underlying taxes related to the administrative penalties submitted for installments are completely paid.
• The unpaid penalties requested for installments will not be disputed in front of the Tax Dispute Resolution Committee (TDRC) or the Federal Court.

The request for an administrative penalty waiver is to be made under a separate request submitted to the tax authority. Similarly, there are certain conditions that must be satisfied before the penalty waiver is granted.

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News Courtesy: KPMG

New rules on retrospective tax penalty waivers, installments, tax litigation, and class actions

For the first time since the UAE tax laws came into effect in October 2017, the legislation now:

• Grants permission to pay tax penalties in installments.
• Specifies reasons that permit penalty waivers.*
• Prohibits installments or waivers if litigation is ongoing.
• Allows for a class action against tax penalties.
• Permits waiver of penalties paid during the past five years.

*Before, the legislation only stated that “accepted justifications” may substantiate penalty waivers, but it was unclear what would entail an accepted justification.

Importantly, taxpayers must now choose between either disputing tax penalties through the tax dispute resolution committees and the Federal Courts — or filing installment or waiver applications. The new changes make it unworkable for both to occur at the same time. And because of the time limitations, a dispute may be time-barred if the taxpayer opts to file an installment or waiver application instead of contending the penalties before the tax dispute resolution committees and the Federal Courts.

This is a substantive consideration for taxpayers as they must weigh the risks of sacrificing litigation against the risk of receiving a rejection on an installment or waiver application.

Decree

Cabinet Decree number 105 of 2021 was signed into effect on 28 December 2021 and published in the official gazette in first week of January 2022.

The Decree is titled: ‘Regarding Protocols and Procedures for [Tax] Penalty Installments and Waiver’.

The Decree comes into effect on 1 March 2022.

Acceptability of tax penalty installments

Approval of requests to pay tax penalties in installments is subject to the following conditions:

• The request must be in respect of unpaid tax penalties only.
• The minimum tax penalties subject to an installment request must be at least AED 50,000.
• The penalties subject of the installment request must not be currently in dispute before the tax dispute resolution committees or the Federal Courts, or any other relevant authorities.
• That the penalties do not have any associated outstanding taxes.

Acceptability of tax penalty waivers

 Approval of requests to waive tax penalties (in part or in full) is subject to the tax penalties not be associated with any crimes of tax evasion. The law is unclear on whether ‘crimes’ refers to mere allegations or actual convictions.

Accepted reasons to grant penalty waivers are as follows:

• Death or illness of the taxpayer if the taxpayer is a natural person or owner of an establishment.
• Death, illness, or resignation of a principal employee of the tax registrant.
• Evidence of restrictions, or precautionary or preventive measures, applied on the taxpayer by UAE government agencies.*
• Evidence of system failure in the general, payment or communication systems of the Federal Tax Authority that affects a class of persons.
• Causes relating to restrictions on liberty and freedom of a natural person taxpayer or owner of an establishment.
• Payment of all taxes via the tax account of another registered taxpayer.
• In cases of insolvency or bankruptcy, penalties may be waived if they have been paid prior to the insolvency or bankruptcy, ad if it is evident that the insolvency or bankruptcy was not for purposes of tax evasion.

*The law does not state “other” government agencies. It is unclear whether restrictions or precautionary or preventive measures, also apply to actions by the Federal Tax Authority itself.

These reasons must – of course – be evidently directly linked to the implementation of the penalties.

The committee maintains the right to waive penalties for any other reasons it deems acceptable.

Class actions: The Decree permits the Director-General to propose to the committee waiver of penalties against a class of persons to whom are collectively affected by one of the accepted reasons noted above.

As a note, the Decree refers to natural person owners of establishments. The Decree does not discuss single-person owned limited liability companies.

Procedure for either tax penalty installment or waiver applications

 The applicant of either an installment or waiver application must provide the general details (tax number, penalty amounts, reasons, etc.) in their applications.

Importantly for installment requests, the taxpayer must file an undertaking that the penalties will be paid in accordance with the payment schedule that is accepted by the committee.

Importantly for waiver requests, the taxpayer must file an undertaking that the cause of the penalties shall be rectified, and that the cause shall not occur again.

A taxpayer may not file more than one application for the same penalty[ies].

Breach of the undertakings will nullify and void the underlying application. In other words, if the taxpayer breaches an undertaking against a waiver application by repeating the problem, the waived penalties may be re-implemented by the Federal Tax Authority.

An application will be reviewed by the Federal Tax Authority within forty weekdays for compliance with all requirements, if the application is valid, it shall be referred to the committee. The committee has sixty weekdays to decide on an application (and ten days to notify the applicant thereafter). Lack of a decision is deemed a final rejection.

Committee decisions

 The committee will be responsible for setting the time limit for filing waiver applications.

The committee will draw the payment procedures and schedules for installment applications.

The committee is free to decide the percentage of penalties to be waived in respect of waiver applications.

The committee may request any guarantee it sees fit to process an installment application. Presumably, the committee may request corporate, personal, or bank guarantees against an installment application.

Failing to adhere to an installment payment plan may result in either:

• A new payment plan if there is a justifiable excuse for non-compliance with the schedule, or
• Action by the Federal Tax Authority against the taxpayer to collect the penalties.

Retrospective penalty waivers

The Decree requires waiver applications to be made in respect of unpaid penalties only – but the Decree also grants the committee authority to waive paid penalties that were paid five years prior to a waiver application.

The Decree grants the committee authority to stipulate the circumstances and rules related to waiver applications in respect of paid penalties.

If paid penalties are waived retrospectively, the paid penalties subject of the waiver will be credited to the taxpayer’s account with the Federal Tax Authority or refunded in cash in case the taxpayer has canceled their tax registration.

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Requirements of tax invoice: Too simple to get ignored?

Would you accept an invoice that is not titled as ‘Tax Invoice’? I asked the audience during a tax seminar.

“Absolutely not”, a participant replied confidently.

“Then why not check the other prescribed particulars for a valid tax invoice? The title ‘Tax Invoice’ is only one of such particulars.” I quipped.

In a document-based tax system, such as VAT, it is important for suppliers and recipients to exchange correct tax invoices. Failure to issue correct tax invoices could lead to a penalty of Dh2,500.

Standard-rated supplies exceeding Dh10,000 to VAT-registered customers

We all know that the invoices must be titled “Tax Invoice”. The invoice should also contain the supplier’s and customer’s details. The details should include the complete name, mailing address, and TRN of each party.

The mere mentioning of the locality or building name is not sufficient for the mailing address. The mailing address should be complete consisting of office number, plot or building name, locality, PO Box number, and Emirates. Alternatively, at least the PO Box and corresponding emirate must be mentioned.

The invoice should also contain the invoice number and the date of the invoice. The ‘date of supply’ should also be mentioned if it is different from the invoice date.

The description of the goods or the services supplied should be mentioned along with the corresponding quantity, unit rate, and the pre-VAT price. If the invoice contains more than one line item of the goods/services, then aforesaid details should be mentioned for each line item of the goods or services respectively.

Common Error

Suppliers often mention the VAT rate and the VAT amount at an aggregate level at the bottom of the invoice. Similarly, the VAT rate is being mentioned as a column heading in the invoice format. Such practices are not in compliance with the VAT laws and FTA guidance.

FTA has specifically clarified that the VAT rate and the corresponding VAT amount should be mentioned against each line item of the goods/services.

The aggregate VAT amount and the aggregate VAT-inclusive gross value of the supply should also be shown on the invoice. Any additional field or information is optional.

Concept of ‘Simplified invoice’

For standard-rated supplies of consideration up to Dh10,000 or for supplies of any value to unregistered customers, a supplier has two options. The supplier can continue to follow a full format invoice discussed above. Alternatively, the supplier can issue a ‘simplified tax invoice’.

A ‘simplified tax invoice’ could contain limited particulars namely, (a) the title ‘Tax Invoice’, (b) supplier’s name, address, and TRN, (c) date of issuing the tax invoice, (d) a description of each goods/services supplier and corresponding VAT-inclusive value, (e) aggregate VAT amount, (f) aggregate total VAT-inclusive value. It must be noted that FTA has clarified that each line item of goods/services must show VAT-inclusive value. In other words, the pre-VAT value should not be mentioned against each line item of goods/services.

Separate rules have been prescribed for rounding-off and for invoices issued in currencies other than AED.

A question to ponder

“Should I tell you an interesting insight?”, I asked the audience. If a customer questions the supplier for a proper tax invoice, it is often mentioned that no other customer is questioning the invoice format. Or, that the ERP/accounting software allows only a particular invoice format.

“Just imagine the sheer volume of civil disputes between suppliers and recipients if FTA disallows input credits and charge penalties on the recipients for the insufficient particulars on the invoices issued by the suppliers”, I could hear the big gasp amongst the audience, “Who shall bear the responsibility?”.

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News Courtesy: Khaleej Times

UAE tax authority confirms systems’ readiness of VAT refund scheme for tourists

The Federal Tax Authority (FTA) organized field tours to the ‘Self-Service Kiosks’ in Dubai International Airport – part of the Value Added Tax (VAT) Refund Scheme for Tourists – to ensure the system’s readiness.

The tour is in line with the FTA’s strategy to provide services that meet taxpayers’ aspirations, and its commitment to abiding by Cabinet Decision No. (41) of 2018 on Introducing the Tax Refunds for Tourists Scheme.

During the tour, FTA Director-General Khalid Ali Al Bustani asserted that the services provide greater ease and speed in processing VAT refund requests for tourists on purchases they made during their stay in the UAE. The streamlined procedure identifies taxes eligible for refunds, verifies that the purchased items are with the tourist, and then facilitates tax recovery.

Al Bustani indicated that the VAT Refund Scheme for Tourists aims to support tourism in the UAE – one of the leading sectors with a major role in enhancing the local economy. “The Federal Tax Authority reaffirms its ongoing commitment to providing VAT refund services for tourists that adhere to the highest standards and international best practice. We are devoted to ensuring transparency, accuracy, and speed of procedures and mechanisms, which, in turn, will cement and advance the UAE’s standing as a major destination on the global tourism map,” he said.

The tour highlighted the progress the system has made and emphasized its readiness for the stages ahead. The system includes ‘Self-Service Kiosks’ that offer unique advantages and allow tourists to recover the tax digitally.

The kiosks were placed at all exit ports included in the VAT Refund Scheme for Tourists, where visitors can submit the tax invoices on their purchases, along with their passport and credit card to recover VAT. No limit is placed on the maximum amount that can be recovered if said amount is transferred to the tourist’s credit card; however, in the event that the applicant requests a cash refund, then the maximum amount is set at AED10,000 per day.

Through its partnership with Planet, the Federal Tax Authority provides ‘Self-Service Kiosks’ at air, land, and seaports, in addition to many commercial centers and hotels that are included in the VAT Refund Scheme for Tourists’ electronic system. The FTA is committed to providing facilities that enhance customers’ experience and provide more options for tourists.

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News Courtesy:zawya.com

Importance of intellectual property audits for corporates: Companies are becoming more and more diligent in safeguarding their Intellectual Property, possibly because of a growing trend of IP awareness. Effective and timely registration of IPs is now what a company strives for. They are not taking any risk when it comes to their IPs, since it is the IP that derives profit for them.

With huge technological interventions, the reliance has been more towards intangible assets. Companies are relying more on their strength of intangible assets and focusing on increasing the competitiveness of the same. With more reliance over those assets, comes more due diligence. There are multiple ways a company uses for protecting its IP from any sort of infringement. A regular check on IPs, getting aware of crucial IP rights, keeping a record of intangible assets are a few things that the corporate must entail.

IP Audit is one such way for a systematic review of IP assets that the company holds. What is IP audit all about? In simple terms, an IP audit is the process that consists of reviewing the IP assets of the company. This might seem to be an uncomplicated task, but it entails in itself information which the company might not be aware of. IP audit is not limited to a systematic review but also provides strong competitive information in the field in which the IP deals.

Such a review always helps the company to address its intangible assets and to further strategies as per needs. As mentioned, through an IP audit, the corporate also gets a comparative understanding of how well its IP performs in the market. It is largely seen that the corporate does not realize the IP it owns until the IP audit. Getting along with the competitive information, the corporate understands what all are the strengths and weaknesses of its IP. The company can decide whether there is a need to acquire any IP or plan a new one based on its core technologies. Issues concerning licensing, joint ventures can be decided based on the audit report. Therefore, one can easily comprehend that IP audit can prove to be a major factor for maximizing business opportunity and increasing profit margin.

The primary and the most important benefit is the evaluation of IP that the company holds, thereby providing a strong report whether the strategic objectives of the company are met or not. In case, if not met, then the company can change its work or strategy. Another purpose that IP audit serves is to provide a strong division of techniques/ strategy/ products that serves for the profitability of the company. The company can decide which assets are not useful and which are those that form the bedrock of the company. The company can decide to structure the management of assets and evaluate on that basis. Therefore, the result of an IP audit helps in structuring the evaluation of IP.

Conducting an IP audit helps in ascertaining the benefits that an IP can give based on its assessment in the market. The assets value can see a great fluctuation based on the market condition and this audit can help in assessing the same. The company can decide on an alternate plan if the IP assets are not fulfilling the market needs, or the royalties being paid do not fulfill the needs, thereby, changing the strategy, if needed. With the business objectives put at a higher pedestal, there is a strong need to align the IP management with that of the business model. IP Audit helps in structuring this alignment. Evaluation of IP and its relevance is what must be done at priority, and IP audit fulfills the same. The benefits that IP assets have in the market and how the company leverages it, have a lot to do with the alignment. Therefore this IP audit fulfills this purpose. Undoubtedly, the result of IP audit can help the company add a new dimension of strategy, thereby, creating a strong stand in the market.

There are different types of IP audit, depending on the purpose for which it is conducted. There can be a General-Purpose Audit which, as the name suggests, is done by the corporate as a part of general practice, yearly or quarterly, based on the need and circumstances. There is a Special Purpose Audit or Event-driven IP audit which is done for a particular purpose. For example, if a company is moving towards getting into a joint venture or a merger in which there is a need to ascertain the valuation of the company, such an event-driven audit can be conducted. Lastly, the audit can be internal where the company conducts internally through its internal team and resources, or it can be external, where the company can outsource the audit, generally to an IP firm or other professionals.

News Courtesy: The Economic Times

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The reconsideration request service is now available through the e-services portal instead of the FTA’s main website.

Effective date

The amendments are effective from 19 November 2021.

Summary of changes

Taxpayers shall now submit penalty reconsideration requests, if needed, through the e-services portal, instead of the official FTA website. Taxpayers shall follow the below steps to submit penalty reconsideration requests:

For users registered for VAT purposes:

1)     Login to the e-services portal

2)     Click on “Reconsideration” to access the reconsiderations dashboard

3)     Click on the “Registered Reconsideration” tab

4)     Click on “New Reconsideration Request”

5)     Fill in the form, attach the required documents, and submit the form

For users not registered for VAT purposes:

1)     Create an e-services account with the FTA

2)     Verify your e-services account

3)     Login to your e-services account

4)     Create a new taxable person account by clicking on “Add New Taxable Person”

5)     Click on “Reconsideration” to access the reconsiderations dashboard

6)     Click on the “Non-Registered Reconsideration” tab

7)     Click on “New Reconsideration Request”

8)     Fill in the form, attach the required documents and submit the form

The FTA confirmed that these amendments are part of a series of planned developments in relation to the tax legislation and procedures as well as to their systems and processes.

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Many businesses enter into agreements with telecommunication service providers to make mobile phones (“Phones”), airtime (“Airtime”) (i.e. call minutes) and data packages (“Packages”), available to their employees to perform their roles outside the office hours or at locations away from the office. Due to COVID-19, there has been an increase in work-from-home arrangements, resulting in some instances where employers pay for Phones, Airtime, and Packages’ expenses to allow employees to perform their roles remotely.

Due to the potential private use of Phones, Airtime, and Packages, there has been uncertainty as to whether a business is entitled to recover the related input tax and, if so, what the requirements are to be entitled to input tax recovery.

This Public Clarification provides guidance on the application of the VAT legislation in respect of the recovery of input tax incurred on Phones, Airtime, and Packages acquired for business use.

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The UAE Ministry of Economy and Commerce intends to bring auditing companies operating in the country into an alliance with the Central Bank and other competent national organizations involved in a crackdown on money laundering and other financial crimes.

The UAE Ministry of Economy and Commerce intends to bring auditing companies operating in the country into an alliance with the Central Bank and other competent national organizations involved in a crackdown on money laundering and other financial crimes.

The ministry has informed the Central Bank of such measures which call on all auditing firms to support the war against money laundering by reporting any suspected financial operation, ministry sources said.

They said the ministry would start implementing such measures after it gets approval from the Central Bank, which has prepared the federal anti-money laundering law along with other departments and is spearheading the fight against such illegal activities.

“Once the Central Bank approves the letter we sent, we will prepare special forms for the auditing companies so they can report all suspected financial operations,” a source said.

The ministry’s move followed measures to prevent money laundering in the insurance industry, and officials said more steps would be taken in the future.

Scores of local and foreign auditing firms operate in the UAE and oversee financial results by the country’s 47 banks and major companies.

The UAE has intensified a campaign against money laundering since it issued a law last year making involvement in such activities a serious crime. Several bank accounts have been closed while others have been blacklisted.

Experts said the ministry’s move would give a strong push to that campaign given the importance of the role played by auditing firms in financial operations.

“There is no doubt it is a strong step by the ministry as it blocks more loopholes for any possible laundering operations,” a UAE banker said.

Central Bank officials said last month they would soon extend such a campaign to cover visitors with the introduction of a declaration system, affecting all carrying at least Dh40,000 ($10,900) and jewelry with an equivalent value.

Under the anti-money laundering law ratified by President His Highness Sheikh Zayed bin Sultan Al Nahyan in January, a special unit has been created at the Central Bank to coordinate action against laundering along with the Ministry of Interior and other parties.

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News Courtesy: Gulf News

The Federal Tax Authority (FTA) has new services designed to help UAE Nationals reclaim the Value-Added Tax (VAT) they incurred on their newly built residences with smooth and efficient procedures.

In a press statement issued today, the Authority asserted that its initiative offers UAE nationals new, broader, and more diverse sources of information regarding procedures to recover the VAT they incurred on building their new residences via the quick and user-friendly e-Services portal on the FTA official website.

The new services offer four different services that aim to raise the target audience’s awareness, provide them with easy access to information, allow them to communicate directly with FTA representatives, receive their feedback, and constantly provide them with top-quality services that live up to their expectations.

The initiative will include a weekly interactive virtual workshop, the ‘Virtual Session’ that brings UAE citizens eligible to benefit from the service with representatives of housing authorities in the UAE, as well as contractors, engineers, and construction experts to provide consultations and clarification about the VAT refund process.

The new services will also provide a ‘Personal Assistant’ service, where applicants can book an appointment to communicate directly with FTA employees about the refund process for VAT incurred on building new residences for Emirati nationals, allowing them to expedite the process.

The FTA explained that the new services include a new campaign called ‘Your Voice is Heard’, where the Authority organizes a series of remote, web-based interactive sessions to gauge citizens’ feedback, remarks, suggestions, and preferences with regards to the VAT refund process for UAE nationals building new residences. The service allows the Authority to constantly upgrade its services and ensure its customers’ happiness. In addition, the campaign offers a series of videos and a newsletter titled ‘VAT Refund for UAE Nationals Building New Residences’ published on social media channels, in addition to disseminating the link to the newsletter via SMS. The content will explain the VAT refund procedures for UAE nationals building new residences, from submitting the request along with the required documents to receiving the refunded amount in the applicant’s bank account.

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News Courtesy: FEDERAL TAX AUTHORITY

China Evergrande Group’s debt crisis might not be China’s “Lehman moment” but it has sent ripples through stocks tied to the developer and the world’s second-biggest economy.

Creditors, investors, and suppliers of the embattled firm and its peers are top on traders’ impact list. Next up are companies with sizable revenue from China, also in the spotlight due to the nation’s ongoing regulatory clampdown. Industrial stocks are a key focus for U.S. market watchers while those in Europe are looking at miners.

Fears that an Everglade collapse might spark financial contagion and curb growth in the Chinese economy roiled global markets on Monday. That anxiety moderated after the developer agreed to settle some local note interest payments but the problem is far from over with dollar bondholders yet to receive a coupon due.

Here are some of the stocks and sectors in traders’ sights:

Property peers

Evergrande’s size coupled with Beijing’s tighter scrutiny of the real-estate sector will continue to have a significant bearing on property developers. The company has about 2 trillion yuan ($310 billion) in assets – equivalent to 2 percent of China’s gross domestic product, according to Goldman Sachs Group Inc. calculations, so any disposals could well disrupt the market.

Regardless of what happens to Evergrande, China’s home prices are now at risk of “meaningful downside,” Citigroup Inc. says.

The Hang Seng Property Index dropped to its lowest in five years earlier this month. The 12-member gauge includes Country Garden Holdings Co., which lost 25 percent since March-end, and China Overseas Land & Investment Ltd., which fell 16 percent.

Lenders and investors

Shares of companies that have lent money to or invested in Chinese real-estate firms will remain volatile as traders mull the potential for a spike in bad loans and asset write-downs.

While policymakers are expected to provide support, some banks may become victims, Citigroup analysts including Judy Zhang wrote in a note on Wednesday.

Citi’s analysis of Chinese banks’ loan exposure to high-risk developers suggests credit risk is highest for China Minsheng Banking Corp., Ping An Bank Co., and China Everbright Bank Co. It sees Bank of Nanjing Co., Chongqing Rural Commercial Bank Co., and Postal Savings Bank of China Co. as less vulnerable.

China Banks Downplay Risks After Evergrande Missed Payments

While Chinese insurers have factored in concerns about potential impairment losses, PICC Group’s enterprise value would be hit most among mainland-listed insurance companies in a worst-case scenario. That’s followed by Ping An Insurance Group Co., according to Citi’s Michelle Ma in a note on Thursday.

Asian suppliers

Suppliers of building materials and appliances to Evergrande’s projects will be closely scrutinized to assess how much the indebted property developer owes them and what its rise and fall may mean for recurring earnings.

Shares of Evergrande units such as Evergrande Property Services Group Ltd. – which have halved this year – and China Evergrande New Energy Vehicle Group Ltd. – which are down over 90% – also remain on watch.

US Industrials

Any restructuring that weighs on the world’s second-largest economy will have ripple effects through the most economically sensitive and globalized stocks in America. Industrial firms, often seen as bellwethers for the U.S. economy’s health, may take the hardest hit.

U.S. industrial manufacturers have an around 10% of sales exposure to China, according to estimates from JPMorgan Chase & Co. analyst Stephen Tusa. Stocks to watch include General Electric Co., Otis Worldwide Corp. and Honeywell International Inc., as well as heavy construction and equipment maker Caterpillar Inc.

European miners

In Europe, Evergrande’s crisis is reverberating across the stocks of the basic materials.

China accounts for 62% of revenue at BHP Group Plc., 58 percent at Rio Tinto Plc, and nearly half at Anglo American Plc and Glencore Plc, according to data compiled by Bloomberg. Cement makers like HeidelbergCement AG, as well as building suppliers including Kone OYJ and Schindler Holding AG, may be directly affected by the Evergrande fallout, according to strategists at Liberum.

News Courtesy: Gulf News

Voluntary disclosure User Guide

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Article 1 of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (“VAT Law”) defines consideration as “all that is received or expected to be received for the supply of goods or services, whether in money or other acceptable forms of payment”.

In commercial transactions, a person may incur expenses and subsequently recover such expenses from another party. The VAT treatment of the subsequent recovery of expenses depends on whether the recovery is tantamount to a “disbursement” or “reimbursement”.

This Public Clarification discusses the VAT principles for differentiating between disbursement and reimbursement, and the VAT treatment that should be applied to disbursement and reimbursement of expenses.

The term “reimbursement” refers to the recovery of expenses that you incur as a principal. The term disbursement, on the other hand, refers to the recovery of payments made on behalf of another person.

While a disbursement of expenses is out of the scope of VAT, reimbursement of expenses falls within the scope of VAT.

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