Home Insights Special Report Is your business prepared for VAT? With VAT now in place, give us your views on the tax regime by Special report December 27, 2017 Sponsored: With the UAE and Saudi Arabia having implemented a 5 per cent value added tax on January 1, we want to hear from you about how prepared your businesses is for the major change. Under tax laws, the penalty for those who fail to pay VAT in the UAE is no less than Dhs500 ($136) and no more than triple the value of the tax on the transaction in question. The fine for a first incorrect tax filing will be Dhs3,000 ($817), rising to Dhs5,000 ($1,361) for each following error. As the tax is now in force we want to hear your views on VAT readiness. Fill out the survey below for a free voucher to attend an upcoming VAT clinic hosted by Tally Solutions. Oops! We could not locate your form. This survey is conducted by Tally Solutions, whose Tally.ERP 9 business accounting system is available to help business with compliance requirements. For more information, visit tallysolutions.com 0 Comments