UAE Ministry of Finance and Federal Tax Authority launch initiative to waive late Corporate Tax registration penalties.

The Ministry of Finance (MoF) and the Federal Tax Authority (FTA) have announced the initiative to waive late corporate tax penalties for UAE companies, who have failed to submit their tax registration applications with the Federal Tax Authority within the required timeframe.

To be eligible, businesses must file their annual tax return within seven months from the end of their first tax period. The FTA have also announced late registration fines that have already been paid, will be reimbursed if the early annual corporate tax return criteria is met. 

Nathan Gatland, Director adds 'This initiative underlines, once again, the UAE's governments commitment to supporting new and existing businesses from start ups & SMEs to multi nationals, by providing initiatives that encourage compliance, transparency and reduce financial barriers associated with new implemented policies."