UAE FTA Announces Tax Record Update Grace Period – Avoid Fines!

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The UAE Federal Tax Authority (FTA) has announced a grace period from January 1, 2024, to March 31, 2025, allowing businesses to update their tax records without incurring administrative penalties. Failure to update records within this period may result in fines.

This initiative provides businesses with an opportunity to ensure compliance with tax regulations by updating crucial details such as their business name, registered address, and trade license information.

Why Is Updating Tax Records Important?

Keeping your tax records up to date is essential for avoiding penalties, maintaining compliance, and ensuring smooth business operations. The FTA regularly reviews business records, and any discrepancies in your details could lead to fines, delays in tax filings, or even issues with VAT and corporate tax compliance.

What Information Should Be Updated?

Businesses must verify and update the following details:
Business Name – Ensure your registered trade name matches the details on your trade license.
Registered Address – Update any changes to your company’s physical or registered office address.
Trade License Information – Ensure your license is valid and correctly linked to your tax records.
Other Tax-Related Details – Review any additional information required by the FTA for compliance.

Consequences of Not Updating Your Records

If businesses fail to update their records before March 31, 2025, they may face:
Administrative fines imposed by the FTA
Tax filing complications due to outdated or incorrect details
Potential business disruptions affecting VAT and corporate tax compliance

How NAM Accountants Can Help

Navigating UAE’s tax regulations can be complex, but NAM Accountants is here to assist. Our team of experts can help businesses:
✔️ Review and update tax records accurately
✔️ Ensure compliance with VAT and corporate tax laws
✔️ Liaise with the FTA on your behalf

Act Now – Avoid Fines!

Don’t wait until the last minute! Ensure your tax records are updated before March 31, 2025, to avoid unnecessary fines and penalties.

📩 Email us at: [email protected]
📞 Call/WhatsApp: +971 549981913
🌐 Visit us at: www.namaccountants.com
📍 Office Address: Mustafawi Carpet Building 502, Bur Dubai, UAE

NAM Accountants – Your Trusted Partner in UAE Tax Compliance!

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