License issued in October or November
As per Federal Tax Authority Decision No.3 of 24 on the Timeline specified for Registration of Taxable persons for corporate Tax purposes issued on 26 February 2024, the FTA urges Taxable persons subject to Corporate Tax to register as soon as possible in order to avoid administrative penalties.
Resident juridical persons that were incorporated or otherwise established or recognised before 1 March 2024.Registration application deadline without incurring any administrative penalties-30 November 2024.
Updating records with FTA
Registrants are required to inform the FTA within 20 business days of the
occurrence of any event that might require the amendment of information
related to their tax records kept by the FTA.Â
Failure
to inform the FTA within the prescribed period will be considered a tax
violation and may result in the imposition of administrative penalties.
Grace Period
- To
- encourage registrants to update the information in their tax records
- held by FTA, administrative penalties will not be levied when
- registrants update such information during the grace period starting
- from 1st January 2024 to 31st March 2025.
- If
- an administrative penalty was imposed on registrants between 1st
- January 2024 until the implementation date of the grace period for
- failing to update their tax records held by the FTA, the penalty will be
- reversed.
- Where
- the registrants have settled the administrative penalty, the result of
- the reversal is that the reversed administrative penalty amount shall be
- added back to the persons’ tax accounts.
