Tax violations amounting to AED 71.48 million was uncovered by Federal Tax Authority (FTA) in local markets across the UAE.
The authorities conducted over 2,200 field inspections during the second quarter of this year, finding over 650 violations.
The FTA has intensified its inspection campaigns in collaboration with the Ministry of Economy, the Federal Customs Authority and other competent authorities to ensure compliance with tax legislation and procedures.
The field inspections conducted during the second quarter of 2021 detected 2.86 million unregistered tobacco products that did not bear the Digital Tax Stamp (DTS).
Another 202,000 excise goods, including carbonated beverages, energy drinks, and sweetened drinks, also failed the inspection, according to Sara Al Habshi, Director of the FTA’s Tax Compliance and Enforcement Department.
According to FTA Director-General Khalid Ali Al Bustani, these raids are essential to "protect consumers and combat tax evasion".
Global equity markets, including from the U.S., Europe and Asia, rose while oil prices fell on Wednesday, as traders cheered news of ceasefire proposals to de-escalate the ongoing conflict in the Middle East.
Australia's centre-left government has introduced legislation in the parliament to double penalties for fuel price gouging on Wednesday as global supply disruptions due to the Iran war triggered fuel shortages in some rural regions.
Gulf markets ended mixed on Tuesday, with Qatar extending losses while other bourses steadied as investors parsed conflicting signals on potential US-Iran talks.
Australia and the European Union on Tuesday signed a trade deal marking the culmination of years of negotiations, as Europe seeks to diversify its export markets and expand ties beyond its traditional partners.
Weaponising the Strait of Hormuz is an act of economic terrorism with global impact far beyond energy markets, asserted Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, while addressing CERAWeek in Houston, Texas.
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