The UAE’s Ministry of Finance (MoF), in collaboration with the Federal Tax Authority (FTA), has launched a new initiative aimed at supporting businesses during the initial phase of the Corporate Tax Law implementation. The move waives administrative penalties for corporate taxpayers and eligible exempt entities who missed their registration deadlines.
Eligibility for Penalty Waiver
To benefit from the waiver, companies must submit their corporate tax return or annual statement within seven months from the end of their first tax period, in accordance with the Corporate Tax Law requirements.
Additionally, the FTA has confirmed that previously paid penalties will be refunded to those who meet the eligibility criteria.
This decision, approved by the UAE Cabinet, aims to enhance tax compliance and ease the transition for businesses as they adapt to the country’s newly implemented corporate tax regulations.
For businesses seeking reliable support in navigating the corporate tax registration process or applying for the penalty waiver, Kreative Minds stands out as one of the top professional service providers in the UAE. Their expert team offers end-to-end assistance with FTA registration, compliance, and company formation, making the transition to the new tax regime smooth and stress-free.
