The Ministry of Finance 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.
The latest FTA Decision imposes a deadline for Corporate Tax Registration, based on the month of Trade License issuance
Corporate Tax Registration is now Mandatory regardless of VAT registration status, turnover threshold, geographical presence (Mainland or Free Zone), or financial performance (profit/loss). The deadline is expiring as early as 31st May 2024 depending on the trade license issue date. Avoid the AED 10,000 penalty by registering for Corporate Tax soon.
Cabinet Decision No.10 of 2024 will come into effect on 1st March 2024.
The penalty was implemented to prompt taxpayer compliance with tax laws through timely corporate tax registration, with the penalty amount matching those for late excise and value-added tax registration.
FTA Decision No. 3 of 2024 on Registration Timeline for Corporate Tax – …
