UAE corporate tax: Dhs10,000 fine announced for late registration

UAE corporate tax: Dhs10,000 fine announced for late registration

Image courtesy: WAM The UAE’s Ministry of Finance announced a new Dhs10,000 penalty for businesses that do not do not submit corporate tax registration applications within the timelines specified by the Federal Tax Authority. The new penalty was introduced to encourage taxpayers to comply with tax regulations, and register in a timely fashion. The Cabinet Decision No. 10 of 2024, which was announced today, amends the schedule of violations and administrative penalties of Cabinet Decision No. 75 of 2023, according to state-run Emirates News Agency. The new fine will come into effect on March 1, 2024. The UAE’s corporate tax law – which levies a headline 9 per cent rate on income of certain businesses that exceed $102,000 (Dhs375,000) – is part of the country’s broader strategies that are aimed at aligning the Gulf state with new international standards. It also aligns with a global minimum tax on multinational corporations endorsed by the G20 countries in 2021. UAE corporate tax: Dhs10,000 fine announced for late registration