Aggregate capital and reserves of UAE-based banks increased by around Dh63 billion year on year
business23 hours ago
The Ministry of Finance on Tuesday announced a new Dh10,000 fine for those who register for corporate tax late.
The penalty was introduced to encourage taxpayers to comply with tax regulations, and register in a timely fashion. The penalty amount for late tax registration is aligned with the penalty associated with late registration for excise tax and value added tax.
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.
The latter specified administrative penalties that would be imposed by the Federal Tax Authority (FTA) for violations related to the application of the Corporate Tax Law. Those penalties came into effect from August 1, 2023. The Cabinet decision will come into effect on March 1, 2024.
The law itself came into effect on June 1, 2023. UAE's corporate tax is one of the lowest in the world. The law states that a nine per cent corporate tax will be levied on companies with a profit of Dh375,000 and above.
In December 2023, a guide on who is subject to corporate tax in the country was released. The FTA urged all concerned natural persons (individuals) realising income in the UAE, or conducting business – wholly or partly – in the UAE, to refer to the new guide, to familiarise themselves with the Corporate Tax Law, implementing decisions, and other relevant materials available on the FTA's website.
In addition, the UAE government has provided the Small Business Relief (SBR) to small businesses, in order to ease the implementation of corporate tax. This relief is only available to resident taxable persons – either a natural or juridical, with a gross business income of up to Dh3 million in the relevant tax period and any previous tax periods that ends on or before December 31, 2026.
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