UAE offers relief to businesses with corporate tax penalty waiver

A new initiative by the Ministry of Finance (MoF) and the Federal Tax Authority (FTA) waives administrative penalties for corporate taxpayers and some exempt entities who missed their tax registration deadline.

To qualify, they need to file their returns or annual statements within seven months of their first tax period, as specified under the Corporate Tax Law.

In addition, the FTA stated it will refund fines already paid by those who meet the conditions.

The Cabinet's decision is expected to significantly support the UAE’s ongoing effort to ensure better compliance during the first year of corporate tax implementation.