Watch Dexter Destajo, owner of LiveSync Accounting:
The UAE Ministry of Finance and the Federal Tax Authority (FTA) have jointly launched a new initiative aimed at supporting businesses during the initial phase of Corporate Tax implementation. Under this initiative, penalties for late Corporate Tax registration may be waived, provided that certain conditions are met.
To qualify for the waiver, taxable persons must register and submit their corporate tax return or annual financial statements within seven (7) months from the end of their tax period, as outlined in the UAE Corporate Tax Law.
This move demonstrates the UAE’s commitment to easing the transition to the new tax regime and encouraging timely compliance among businesses.
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Businesses are encouraged to seek professional guidance to ensure timely registration and compliance.
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