FTA Urges Businesses to Update Tax Records Before March 31 to Avoid Penalties
The Federal Tax Authority (FTA) has urged registrants to take advantage of the extended grace period to update their tax records by March 31, 2025, ensuring they avoid administrative penalties.
In a reminder issued on Thursday, the FTA reiterated that, under the Cabinet Decision on the Executive Regulations of the Federal Decree-Law on Tax Procedures, registrants must notify the authority of any changes to their tax records within 20 business days. Failure to comply within this period could result in penalties.
The tax records requiring updates include business name and address, trade licence details, legal entity type, partnership agreements, articles of association, business nature, and all operational addresses.
To facilitate compliance, the Cabinet introduced a grace period from January 1, 2024, to March 31, 2025, during which registrants can update their information without incurring fines. Moreover, any penalties previously imposed during this period due to non-compliance will be waived and reimbursed.
The FTA emphasized that this initiative aims to support taxpayers, simplify compliance, and contribute to national economic growth. Businesses seeking further details can access the Public Clarifications service on the FTA's official website.
News Source: Emirates News Agency
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