The cabinet also approved the issuance of a decision regarding the requirements of the Natural Person Insolvency Law.
The UAE cabinet has amended the Executive Regulation of Federal Law on Tax Procedures.
The amendment extends the tax notification from 10 to 40 working days. The amendment also covers the time limit for issuing the decision of the Federal Tax Authority to reduce or exempt administrative penalties from 20 to 40 working days from the date of receiving the application.
This came as the Cabinet met on Wednesday. Chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, it approved several strategies.
The cabinet approved the issuance of a decision regarding the requirements of the Natural Person Insolvency Law. The law aims at enhancing the competitiveness of the UAE by ensuring the ease of doing business and creating favourable conditions for individuals facing financial difficulties.