Businesses Given Until March 31, 2025, to Revise Tax Records Without Penalties; Penalties Paid for Missed Updates to Be Refunded
Pavitra Shetty
Published on November 8, 2024, 16:19:57
The UAE Federal Tax Authority (FTA) has introduced a grace period for businesses needing to update their corporate tax registration information, effective until March 31, 2025. This measure aims to support businesses in meeting their tax obligations efficiently and to reduce the administrative penalties for late updates.
The FTA announced that taxpayers who may have missed updating their tax records for the period from January 1, 2024, to March 31, 2025, can make necessary adjustments during this period. If penalties were imposed on taxpayers for failing to update their records in time but were already paid, these penalties will be refunded, according to a Cabinet decision.
Tax registrants are required to inform the FTA of any changes to their registered information within 20 working days. This includes updates to business names, addresses, emails, legal form, partnership details, business activities, and any changes in location of business operations.
FTA Director General encouraged taxpayers to use this opportunity to reduce their tax burden, contribute to national economic growth, and enhance the UAE’s competitiveness. Further details and clarifications on this grace period are available on the FTA’s website through the Public Clarifications service, providing taxpayers with accessible information on technical tax matters to help ensure compliance with tax legislation.
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