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The UAE Ministry of Finance and the Federal Tax Authority (FTA) have announced a new initiative to waive administrative penalties for businesses and certain exempt entities that failed to submit their corporate tax registration applications within the required timeframe.
Key Highlights:
Eligibility Criteria: To qualify for the waiver, eligible parties must file their tax return or annual statements within a period not exceeding seven (7) months from the end of their first tax period, as stipulated under the Corporate Tax Law.
Penalty Refunds: Businesses that have already paid penalties for late registration and meet the waiver conditions will have the amounts credited back to their tax accounts.
Encouraging Compliance: This initiative aims to promote early compliance, reduce financial burdens on businesses, and facilitate a smoother transition into the newly implemented corporate tax regime.
The FTA has emphasized the importance of timely registration and filing to benefit from this waiver. Businesses are encouraged to complete their corporate tax registration and submit the applicable tax files via the FTA’s EmaraTax platform within the specified timeframe to ensure eligibility for the penalty exemption.
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