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".
Bids for billionaire Mukesh Ambani's first IPO in 20 years topped $77 billion on Friday, making Jio Platforms India's most subscribed stock offering as it surpassed the 2008 issue of Reliance Power, part of his brother Anil's group.
Sales of Apple's first folding phone, the iPhone Duo, began on Friday, with market watchers betting on whether the device can reinvent the small foldables market in the same way the iPhone did for smartphones.
Microsoft researchers say an AI tool that diagnoses patients step by step, as doctors do, was more than twice as accurate as general physicians at solving complex medical cases, according to a study published on Thursday in Science.
The UAE and Greece have announced 18 agreements and commercial partnerships worth a total of €12.75 billion, strengthening economic and investment cooperation.