UAE to waive late registration fees under corporate tax law
The UAE will waive administrative penalties for corporate tax payers who failed to submit their registration applications in time, as part of efforts to boost tax compliance and support businesses. The Ministry of Finance and the Federal Tax Authority said on Tuesday that a Cabinet decision has been issued to make the change. To qualify, companies must file their tax return or annual statements within seven months from the end of their first tax period, as stipulated under the Corporate Tax Law, a statement said. The FTA also confirmed that procedures will be put in place to refund administrative fines collected from those who meet the specified criteria. The decision is aimed at enhancing tax compliance, enabling procedures and easing financial burdens on businesses. It is also expected to 'significantly support' the UAE's efforts to ensure better compliance during the first year of corporate tax implementation, the ministry and FTA said. The UAE introduced the federal corporate tax at a standard statutory rate of 9 per cent from the financial year beginning on or after June 1, 2023. It brought the income of companies exceeding Dh375,000 ($102,110) within the taxable bracket. Taxable profits below that level are subject to a tax of zero per cent. The Ministry of Finance also confirmed later that business owners in the country would be subject to corporate tax only if their turnover in a calendar year exceeds Dh1 million, ensuring that only business or business-related activity income is taxed. Starting this year, the UAE has also imposed a new tax on large companies in the country as part of changes to its corporate tax law. Large multinational enterprises are to pay a minimum of 15 per cent tax on the profits generated in the country – up from the rate of 9 per cent – effective for financial years starting on or after January 1, 2025, the Ministry of Finance said at the time.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
Japan's super-long bonds rise after report of possible bond buybacks
TOKYO - Japan's super-long government bond prices rose on Tuesday, after Reuters reported that the government is considering buying back some super-long-dated bonds in a move to contain rising yields. The 20-year JGB yield fell 2 basis points (bps) to 2.340% and the 30-year JGB yield fell 3 bps to 2.88%. Bond prices move in the opposite direction to yields. Japan is considering buying back some super-long government bonds issued in the past at low interest rates, two sources with direct knowledge of the plan told Reuters. "Although the finance ministry's bond issuance plans are still not clear, the report about bond buybacks is positive," said Naoya Hasegawa, chief bond strategist at Okasan Securities. "It signals the ministry's willingness to improve demand for bonds with super-long maturities," Hasegawa said. The latest report came as the market awaited details of the ministry's bond sale plans after Reuters reported last month that the ministry is considering a cut in the sale of super-long bonds. The Ministry of Finance, which oversees the government's debt issuance, will reach a final decision on the buybacks after holding meetings with bond market participants on June 20 and June 23, the sources told Reuters. Yields on the longest-dated bonds hit record highs last month, reflecting weak demand from life insurers, major investors in super-long bonds, which have already completed their asset-liability duration matching to comply with the Financial Services Agency's regulations. On Tuesday, yields on shorter-dated bonds edged up, amid worries that the possible cuts in the longer dated bonds would bring an increase in issuance of shorter-dated bonds. The two-year JGB yield rose 0.5 bp to 0.775% and the five-year yield rose 0.5 bp to 1.035%. The 10-year JGB yield fell 0.5 bp to 1.465%
Al Etihad
15 hours ago
- Al Etihad
UAE markets continue rally with DFM rising by more than 1%
9 June 2025 20:19 A. SREENIVASA REDDY (ABU DHABI)The UAE stock markets continued their momentum on Monday, with the Dubai Financial Market rising by more than 1% on the first day of trading after the four-day Eid break. The Abu Dhabi Securities Exchange (ADX) recorded its third consecutive session of gains, with its general index (FADGI) rising by 0.135% to close at 9,748.13. A total of 25,847 trades were executed, involving 502 million shares with a combined value of Dh1.334 billion. The total market capitalisation of all companies listed on the ADX stood at Dh3.012 led the rally with a 1.56% gain, followed by e& with a 0.58% rise and ADNOC Gas with a 0.3% increase. Aldar has announced plans to establish the region's first King's College School Wimbledon in Abu Dhabi as part of the recently announced project Fahid Island. Multiply, whose shares rose by 0.87% on Monday, announced a new media brand bringing all its outdoor advertising companies under one banner. Other top gainers on the ADX included E7W Warrants (+14.93%), Al Wathba National Insurance (+13.92%), and Abu Dhabi National Takaful (+13.64%). Notable decliners were Gulf Medical Projects (-6.05%), Investcorp (-2.94), and National Bank of Fujairah (-2.63%). DFM The Dubai Financial Market's general index (DFMGI) rose by 1.026% to close at 5,592.75, its highest point since 2008, with almost all sectors in positive territory. A total of 20,636 trades were executed on the DFM, involving 834 million shares with a combined value of Dh1 billion. Share prices of 30 companies rose, 15 declined, and 10 remained the real estate giant, was the star performer with its stock rising by nearly 15% to reach Dh1.06. Deyaar Chief Executive Officer Saeed Mohammed Al Qatami recently wondered at a press conference why his company's stock price was less than a dirham when its book value was well above Dh1. Deyaar is often overtaken in optics by its better-known rivals — Emaar and Emaar Developments. Another blue-chip company, Salik, surged by 2.27%, leading to one of the biggest recent rallies. Among the other top gainers were Union Properties (+14.87%), Al Mal Capital REIT (+10%), and Emirates REIT (+9.43%). On the losing side, Al Mazaya Holding fell by 8.84%, followed by Emirates Islamic Bank (-5.65%), Amlak (-4.24%), and National Industries (-2.01%). Monday was the last day of trading for Emirates Islamic as its 100% ownership was acquired by its parent company, Emirates NBD. Amlak Finance, in a disclosure, clarified that the recent price rally was triggered by the company's decision to proceed with the execution of the sale of the Ras Al Khor plots to Emaar Development for a total consideration of Dh2.9 billion. Stock Markets Continue full coverage
Sharjah 24
17 hours ago
- Sharjah 24
Ruwad records 23.9% growth in government contracts in 2024
Improving national economic performance Acting Director Fatima Al Ali stated that this rise underscores RUWAD members' strong position as trusted providers to federal and local government agencies. It also demonstrates a growing trust in the quality of services and goods provided by Emirati entrepreneurs, reinforcing their position in national development and public-private collaborations. Enhancing member competitiveness She stated that RUWAD is dedicated to increasing its members' competitiveness through focused training programs, awareness workshops, and discussions on government procurement methods. Members are also urged to join approved supplier platforms and take part in digital tendering processes. Government partnerships Al Ali also stated that the foundation works with key authorities such as the Ministry of Finance and Sharjah's Central Finance Department to foster a conducive business environment. These collaborations enable increased participation in bids and provide additional incentives and opportunities for enterprises. Expanded reach throughout federal contracts In 2024, 46 RUWAD projects signed 318 contracts with 42 federal agencies. The services provided varied from hospitality and catering to facility management and office operations. Leading contracting bodies included the Sharjah Police Academy, Kalba Municipality, and the Districts Affairs Department. Expansion of supplier base by 250%. By the end of 2024, the number of RUWAD members registered as suppliers with Sharjah's Central Finance Department had grown to 129, up from 14 the previous year, representing a 250% increase. This extension allows more projects to benefit from government procurement privileges. RUWAD members also closed 22 mutual deals as part of the "Tashbeek" initiative, which aims to develop entrepreneurial relationships while also boosting collaboration and service integration.
