The Federal Tax Authority (FTA) has recently released Public Clarification TAXP007, which establishes a grace period for registrants to update their tax information without facing administrative penalties.
This grace period spans from January 1, 2024, to March 31, 2025, allowing registrants to make essential updates such as changes to their name, address, or business type in their tax records held with the FTA. During this period, they can amend records without the usual administrative fines.
Ordinarily, TAXP007 mandates that registrants notify the FTA of any significant changes to their tax information within 20 business days. Missing this deadline typically results in a tax violation and administrative penalties. However, the grace period temporarily lifts these penalties, encouraging registrants to comply proactively.
In addition, if any registrants were penalized previously for failing to update their records before this grace period, TAXP007 states that these penalties will be automatically reversed by the FTA.
Reference to the public clarification:
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