Indian state's cabinet overruled advice that Adani deal was not good value
business2 days ago
UAE residents subject to corporate tax with licences issued in March and April — regardless of the year of issuance — must submit their corporate tax registration application by June 30, the Federal Tax Authority (FTA) reminded on Friday.
For juridical persons (recognised entities with distinct legal personality from its founders, owners, and directors) who did not have a licence by March 1 this year, the deadline for the submission of corporate tax registration was on May 31.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Corporate tax applies to juridical persons incorporated in the UAE and to foreign entities that are effectively managed and controlled in the country. The resident juridical taxable persons cover entities incorporated in the UAE, including free zone businesses and entities established abroad but controlled and managed from the country.
According to the Ministry of Finance, individuals conducting business activities in the UAE will be subject to corporate tax only if their combined turnover exceeds Dh1 million a year.
Companies who miss the deadline for tax registration shall face a Dh10,000 fine, based on a Cabinet decision issued in February this year.
Corporate tax is a form of direct tax levied on the net income or profit of corporations and other businesses.
Khalid Ali Al Bustani, FTA director-general, said “business sectors have been informed of the specified deadlines for different taxpayer categories as part of continuous efforts to strengthen strategic partnerships with taxable persons and provide them with the means to facilitate smooth and accurate tax compliance.”
FTA recently conducted the second phase of its comprehensive campaign to educate business stakeholders about the importance and requirements of corporate tax compliance.
"This is done through in-person and virtual awareness workshops, as well as engagements across economic councils and business assemblies in commercial and industrial areas. The aim is to disseminate tax awareness broadly and interact with all categories of taxpayers,” Al Bustani said.
ALSO READ:
Indian state's cabinet overruled advice that Adani deal was not good value
business2 days ago
Congo has filed complaints over use of conflict materials
business2 days ago
The price of 18-carat gold is nearly a fifth lower than that of 22-carat gold
business2 days ago
Ohana Development and Jacob & Co. partner unveil Dh4.7 billion project
business2 days ago
In 2024, Dubai is expected to deliver nearly 100,000 new homes
business2 days ago
UNS Farms expands its edible flowers range
business2 days ago
Toymakers brace for (trade) war, redesigning products and scouring the world for new low-cost suppliers
business2 days ago
This round adds to the $2.3 million the firm raised in seed funding last year
business3 days ago