The Federal Tax Authority (FTA) has urged registrants who have not yet updated their tax records to take advantage of a newly granted grace period by the UAE Cabinet. This initiative is aimed at lessening the tax burden on the business sector and encouraging individuals and companies to meet their tax obligations. The government believes...
The Federal Tax Authority (FTA) in the UAE has announced that corporations failing to pay their due corporate tax will incur a monthly penalty of 14 percent per annum. This penalty is applied to the unpaid tax amount and begins accruing from the day after the payment deadline. Each month following the deadline, the penalty...
The Federal Tax Authority (FTA) has clarified that cryptocurrency mining for personal accounts will not be subject to the UAE’s value-added tax (VAT). This announcement was made on Tuesday, addressing the growing interest in cryptocurrencies among residents. However, the FTA specified that if an individual mines cryptocurrency on behalf of someone else, this service will...