Latest news with #CabinetDecision
Gulf Insider
5 days ago
- Business
- Gulf Insider
UAE Offers Corporate Tax Fine Waiver — but Deadline Looms
The Federal Tax Authority (FTA) is urging corporate taxpayers across the UAE to register for corporate tax and file returns within the legal deadline to avoid administrative penalties, under a limited-time waiver introduced by Cabinet Decision. The waiver applies to both taxable entities and exempt persons required to register, provided they submit their corporate tax registration and file their first tax return or annual declaration within seven months from the end of their first tax period. The FTA clarified that the exemption from late registration fines only applies to the first tax period, regardless of whether the due date falls before or after the decision came into effect. The Authority emphasised that this grace period offers businesses a valuable opportunity to ensure full compliance without incurring fines — but warned that delays beyond the 7-month deadline will trigger penalties under the UAE's Corporate Tax Law. Key waiver conditions: Entities must register for corporate tax through the FTA's EmaraTax platform First tax return or declaration must be filed within seven months from the end of the entity's first tax period Applies to both taxable businesses and exempt persons required to register The waiver campaign forms part of the FTA's wider drive to support businesses in meeting their tax obligations, while building a culture of voluntary compliance in line with international best practices. Campaign outreach includes: Nationwide in-person and online workshops to educate businesses Clarifications on taxable income, accounting standards, compliance rules, and registration processes In one such workshop recently held in Abu Dhabi, 940 business representatives attended to better understand the implications of the Corporate Tax Law and the conditions tied to the penalty exemption. FTA experts explained how to determine and calculate taxable income, comply with accounting standards, and register via the EmaraTax digital platform. A Q&A session followed, addressing specific concerns from participants. The Authority concluded by urging businesses in the UAE to review the Corporate Tax Law, Executive Decisions, and user guides available on the FTA's website to ensure they make full use of the exemption and avoid unnecessary financial penalties. Also read: UAE Launches Emergency Airport Plan Amid Travel Disruption
Hi Dubai
5 days ago
- Business
- Hi Dubai
Federal Tax Authority Urges Swift Registration as Corporate Tax Workshops Draw Strong Turnout
The Federal Tax Authority (FTA) has intensified its push for corporate tax compliance, drawing nearly 940 business representatives and stakeholders to a recent workshop held in Abu Dhabi. The event is part of a nationwide initiative to educate businesses and encourage timely registration to avoid penalties. The workshop series is designed to support entities in understanding and meeting obligations under the UAE's Corporate Tax Law. A key focus was the Cabinet Decision offering exemption from administrative fines to corporate taxpayers and exempt persons who submit their registration applications within the legally stipulated period. FTA officials reiterated that to qualify for the exemption, registrants must file their tax returns or annual declarations within seven months from the end of their first tax period. The exemption applies solely to the first tax period, regardless of when the return is due in relation to the decision's effective date. During the session, experts provided detailed guidance on determining income subject to tax, accounting standards, and financial reporting requirements. Topics included the accrual basis of accounting, recognition of income and expenses, and the treatment of financial assets and liabilities in line with IFRS. The FTA also demonstrated how to register through EmaraTax, the Authority's digital services platform, and outlined key provisions of the Corporate Tax Law, including applicable rates, tax periods, and compliance mechanisms. This workshop is part of the FTA's broader campaign, launched in 2023, to roll out educational sessions across the UAE, both in-person and online. The Authority emphasised its commitment to fostering voluntary compliance through accessible, technology-driven outreach and urged taxpayers to consult its official website for updated guides and decisions. News Source: Emirates News Agency
Arabian Business
5 days ago
- Business
- Arabian Business
UAE offers Corporate Tax fine waiver — but deadline looms
The Federal Tax Authority (FTA) is urging corporate taxpayers across the UAE to register for corporate tax and file returns within the legal deadline to avoid administrative penalties, under a limited-time waiver introduced by Cabinet Decision. The waiver applies to both taxable entities and exempt persons required to register, provided they submit their corporate tax registration and file their first tax return or annual declaration within seven months from the end of their first tax period. The FTA clarified that the exemption from late registration fines only applies to the first tax period, regardless of whether the due date falls before or after the decision came into effect. UAE Corporate Tax The Authority emphasised that this grace period offers businesses a valuable opportunity to ensure full compliance without incurring fines — but warned that delays beyond the 7-month deadline will trigger penalties under the UAE's Corporate Tax Law. Key waiver conditions: Entities must register for corporate tax through the FTA's EmaraTax platform First tax return or declaration must be filed within seven months from the end of the entity's first tax period Applies to both taxable businesses and exempt persons required to register The waiver campaign forms part of the FTA's wider drive to support businesses in meeting their tax obligations, while building a culture of voluntary compliance in line with international best practices. Campaign outreach includes: Nationwide in-person and online workshops to educate businesses Clarifications on taxable income, accounting standards, compliance rules, and registration processes In one such workshop recently held in Abu Dhabi, 940 business representatives attended to better understand the implications of the Corporate Tax Law and the conditions tied to the penalty exemption. FTA experts explained how to determine and calculate taxable income, comply with accounting standards, and register via the EmaraTax digital platform. A Q&A session followed, addressing specific concerns from participants. The Authority concluded by urging businesses in the UAE to review the Corporate Tax Law, Executive Decisions, and user guides available on the FTA's website to ensure they make full use of the exemption and avoid unnecessary financial penalties.
Mid East Info
5 days ago
- Business
- Mid East Info
940 participants attend Abu Dhabi Corporate Tax Awareness Workshop - Middle East Business News and Information
Unregistered Taxpayers Urged to Utilise Late Registration Penalty Waiver Initiative Abu Dhabi,June 2025: A new workshop hosted recently in Abu Dhabi by the Federal Tax Authority (FTA) saw the participation of around 940 business representatives and stakeholders, as the FTA continues to reiterate its call to unregistered corporate taxpayers to expedite the submission of their corporate tax registration applications. The workshop series is part of the FTA's ongoing campaign to educate and enable businesses to benefit from the Cabinet Decision to exempt corporate taxpayers and certain categories of exempt persons required to register with FTA from administrative fines – typically resulting from the late submission of a registration application, within the stipulated legal period. The Abu Dhabi workshop – one of many in-person events being held across the UAE – also defined the rules for determining income subject to corporate tax and clarified the requirements and procedures for compliance with the Corporate Tax Law. In addition to in-person seminars, the FTA is also organising various remote video conference events. During the workshop, the Authority further confirmed that – in order to benefit from the exemption initiative – corporate taxpayers (or exempt persons required to register) who have registered for the tax must file their tax returns (or annual declarations) within a period not exceeding seven (7) months from the end of the registrant's first tax period, in order to be exempt from the penalty. The FTA further clarified that the exemption only applies to the taxpayer registrant's first tax period (or an exempted person required to register), whether the due date of the first tax return (or first annual declaration) is before or after the start of the new decision's implementation. During the workshop, FTA experts provided an in-depth explanation on key aspects of corporate tax, including how to determine and calculate income subject to corporate tax, understanding tax liabilities, and adhering to accounting standards for tax purposes. Other topics touched on included the preparation of financial statements based on the taxpayer's applicable accounting standards, the accrual basis of accounting, and the recognition of income when earned and expenses when incurred. Additionally, FTA experts discussed the definitions of financial assets and liabilities, methods of accounting for equity under IFRS, and the application of cost accounting standards. A demonstration on the registration procedures through EmaraTax, the digital tax services platform, was also provided, as well as the criteria for identifying taxable persons, the applicable rates and tax periods, the mechanism for applying the provisions of the Corporate Tax Law and its associated decisions, and the requirements for compliance with the law. At the conclusion of the workshop, FTA personnel conducted a Q&A session with the workshop participants. The current phase of the campaign, which began in 2023 and is running across the UAE, addresses various tax topics to introduce the legislation, requirements and procedures for corporate tax compliance. These awareness programmes are designed and orientated to suit each of the main categories concerned, utilising the latest relevant technologies to ensure easy access to information for taxpayers. The Authority emphasised that the corporate tax awareness campaign is a key component of its comprehensive engagement strategy, aimed at ensuring seamless corporate tax compliance and supporting taxpayers in meeting their tax obligations. The campaign also intends to foster voluntary compliance, built upon a robust procedural and legislative framework that aligns with global best practices.
Iraq Business
5 days ago
- Business
- Iraq Business
Chinese Firm Eyes Iraqi Commodity Resources
By John Lee. Prime Minister Mohammed Shia Al-Sudani chaired a meeting of the Industrial Coordination Council on Monday, in the presence of Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdulghani Al-Sawad, along with several ministers, advisors, business leaders, and representatives of local and foreign companies partnering with the private sector. The council reviewed the current state of Iraq's industrial sector, its key needs, and agenda items, issuing decisions and guidance accordingly. Among the matters discussed was a proposal from Chinese firm Tsingshan Holding Group, which expressed interest in dry gas operations at the Basra Industrial City Project, as well as in a sulphur investment project at the "Al-Lazzaka 2" field [Al-Lazakah, Allizaqa] field [in Nineveh Governorate], and in iron ore extraction. Coordination with the Ministry of Oil on these proposals was approved. The Council also considered potential amendments to Cabinet Decision No. 24413 of 2024 concerning preliminary approvals for the construction of industrial facilities and their entitlement to petroleum products from authorised distribution outlets. Additionally, the Council referred the matter of reducing the price of liquefied gas supplied to industrial projects to the Ministerial Council for the Economy. It also instructed government service-providing entities to create dedicated digital portals for industrial firms operating on unregistered sites, in order to streamline service access. (Source: Ministry of Oil) Tags: Allizaqa, Basra Industrial City, Basra Iron and Steel City, cg, China, featured, iron mining, Jabal Al-Akhdar [Green Mountain] Industrial City, Nineveh, sulfur, sulphur, Tsingshan, WW
