Registrants are required to inform the FTA within 20 business days of the occurrence of any event ‘that might require the amendment of information related to their tax records kept by the FTA.
Failing to inform the FTA within the prescribed period of such changes constitutes a tax violation and results in the imposition of administrative penalties.
To encourage registrants to update their records with the FTA, a Cabinet Decision was issued to implement a grace period in which registrants may rectify their tax records without incurring administrative penalties.
This Public Clarification provides more information regarding the special dispensation for updating records with the FTA.
Administrative penalties will not be imposed on registrants that update the information in their tax records during the grace period starting on 1 January 2024 and ending on 31 March 2025.
In instances where such administrative penalties were already imposed for failing to update information in the registrants' tax records within the legally prescribed period, during the period fro...