The cabinet decision will come into effect on March 1
On Tuesday, the Ministry of Finance unveiled a fresh penalty of Dh10,000 for individuals who fail to promptly register for corporate tax. This measure aims to motivate taxpayers to adhere to tax regulations by ensuring timely registration. The fine for late tax registration mirrors the penalties associated with delayed registration for excise tax and value-added tax.
Cabinet Decision No. 10 of 2024, disclosed today, brings modifications to the violation schedule and administrative penalties outlined in Cabinet Decision No. 75 of 2023. The latter document delineated administrative penalties set by the Federal Tax Authority (FTA) for breaches related to the Corporate Tax Law, with these penalties becoming effective on August 1, 2023.
Commencing from March 1, 2024, the newly introduced fine will be applicable.
