The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No.10 of 2024, amending the schedule of violations and administrative penalties of Cabinet Decision No. 75 of 2023 on the administrative penalties for violations related to the application of Federal Decree-Law No. 47 of 2022 on the taxation of corporations and businesses.
Cabinet Decision No.10 of 2024 will come into effect on March 1, 2024.
The ministry stated that an administrative penalty of Dhs10,000 for late registration of UAE Corporate Tax will be imposed on businesses that do not submit their Corporate Tax registration applications within the timelines specified by the Federal Tax Authority.
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The penalty was introduced to encourage taxpayers’ compliance with tax regulations by registering for corporate tax 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.
For more details on the Corporate Tax Law, the legal text, and relevant executive regulations, please visit the Ministry of Finance’s website via www.mof.gov.ae.
tanvir@dubainewsweek.com
