UAE, 27 January, 2025 : The Federal Tax Authority (FTA) has outlined penalties for businesses failing to pay corporate taxes on time, emphasizing a 14% annual penalty applied monthly on the outstanding amount.
The penalty calculation starts the day after the payment deadline and accrues on the same date each subsequent month. Businesses are required to settle their corporate tax dues no later than nine months after the end of the tax period, as per Federal Decree-Law No. 47 of 2022 on Corporate Tax and its amendments.
In a statement, the FTA stressed the importance of timely compliance to avoid financial penalties and ensure smooth tax operations. The authority encouraged businesses to review their obligations and adhere to deadlines to avoid additional costs.
The FTA continues to provide guidance and support to taxpayers, ensuring they understand their responsibilities under the UAE’s corporate tax framework.
Source : www.zawya.comRelated Posts
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