HIGHLIGHTS OF THE LAW

It requires businesses to keep accounting records and commercial books, as well as any taxrelated information. Everything must be submitted to the FTA.

It requires that any person obliged to register or any other person eligible for registration must do so, and include their tax registration number in any correspondence with the FTA. They must also inform the authority within 20 days of any circumstance that requires the amendment of information.

Each taxable person must also prepare the tax return for each tax period and for each tax while being registered. They must then submit the tax return to the authority and pay any payable tax as specified within the time limit.

Mandates that all tax agents must be registered by the authority, and forbids anyone from practising the profession of tax agents unless they have done so.

The authority may order a reaudit if new information surfaces that might impact the outcome of the tax audit.

The law notes that authority staff members are bound by non-disclosure agreements and a professional code of conduct.

It allows the authority to perform a tax audit on any person. The person or business must offer all required assistance but will have the right to obtain all documents removed or obtained during the audit.