The UAE’s Federal Tax Authority (FTA) has announced a new initiative that waives penalties for businesses that missed the corporate tax registration deadline. This decision comes as part of a UAE Cabinet Decision aimed at providing support to companies struggling to comply with tax regulations. The waiver applies to businesses that file their tax return...
Businesses in the UAE face approaching deadlines for corporate tax registration, with the Federal Tax Authority (FTA) increasing its efforts to ensure compliance. The FTA has emphasized the importance for individuals subject to corporate tax to submit their registration applications by the end of March 2025. Failure to do so may result in violations of...
The Federal Tax Authority (FTA) has launched a new application through its “EmaraTax” digital tax services platform. This application allows eligible Family Foundations to apply for recognition as an Unincorporated Partnership, provided they meet specific conditions outlined in Federal Decree-Law No. 47 of 2022, which pertains to the Taxation of Corporations and Businesses. According to...
The United Arab Emirates (UAE) is witnessing a significant evolution in its tax culture, which is crucial for fostering a more sustainable and diversified economy. Analysts and tax experts emphasize that this shift will increase transparency and boost investor confidence. The corporate sector has quickly aligned itself with tax compliance due to effective awareness campaigns...
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...