UAE, 28 February, 2024 : The recent update from the UAE Ministry of Finance has outlined a clear timeline for businesses in Dubai regarding the registration process for corporate tax. It is imperative for businesses to adhere to this timeline, as failure to do so not only incurs a Dh10,000 fine for late submissions but also disrupts compliance with Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses and its amendments.
Effective from March 1, 2024, Federal Tax Authority Decision No. 3 of 2024 has set forth a shortened timeline for the registration of taxable persons for corporate tax. This timeline is structured according to the month in which businesses obtained their licensing. Therefore, businesses in Dubai must act promptly and ensure timely registration filings to avoid penalties and maintain compliance with the updated regulations.
Click the link to access : FTA Decision No. 3 of 2024
Source : www.mof.gov.ae
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