According to the new Cabinet Decision, taxpayers who have not updated their tax records or failed to report on cases of records' modifications will benefit from the grace period. The grace period lasts for 15 months, from January 1, 2024 to March 31, 2025.
Registered persons are required to inform the Federal Tax Authority (FTA) within 20 days of the following changes: name, residential address and e-mail address; activities according to the trade licence; type of legal entity, partnership agreement for joint ventures, articles of association or equivalent; nature of the registered person's business; address from which the registered person conducts business activities (according to Cabinet Decision No. 74 of 2023 on the Executive Regulation of Federal Decree-Law No. 28 of 2022 on Tax Procedures).
During the grace period, taxpayers will be able to:
- make changes to the tax records;
- avoid administrative penalties for the failure to report changes.
Also, previously paid fines will be refunded if they were imposed during the period between January 1, 2024 and the deadline set for the grace period. The refund of the fine a...