Latest news with #Dh10
Al Etihad
a day ago
- Business
- Al Etihad
FTA: Over 33.9 thousand beneficiaries from Corporate Tax Late Registration Penalty Waiver Initiative
29 July 2025 15:29 ABU DHABI (WAM)The Federal Tax Authority (FTA) has renewed its call for Corporate Tax registrants who have not yet registered to promptly submit their registration applications, highlighting that by filing their first Tax Returns for the tax period through the 'EmaraTax' digital tax services platform, they can benefit from the Penalty Waiver Initiative for Late Corporate Tax applies to Corporate Taxpayers and certain exempt persons who are required to register with the a press release issued on Tuesday, the FTA revealed that as of today, the number of beneficiaries from the Penalty Waiver Initiative for Late Corporate Tax Registration has reached more than 33.9 FTA indicated that Thursday, July 31, will be the final deadline to benefit from the initiative for the majority of Corporate Tax payers whose first Tax Period aligns with the calendar year from 1st January to December 31, 2024. To qualify, they must complete all procedures related to submitting their registration applications and filing their Corporate Tax Returns through the 'EmaraTax' platform before the end of July FTA also confirmed that failure to meet the requirements and complete the necessary procedures by July 31 will result in ineligibility for the waiver and the imposition of a late registration penalty of Dh10,000 for non-registered was further clarified that, to be exempt from the late registration penalty, the taxable person (or the exempt person required to register) must submit their Corporate Tax Return (or annual declaration) within a period not exceeding seven months from the end date of their first Tax Period (or financial year), instead of the standard nine-month deadline. The FTA also emphasised that the Penalty Waiver Initiative applies only to the first Tax Period of the taxable person (or exempt persons who are required to register with the FTA).The FTA issued a public clarification on the Waiver Initiative. This can be accessed by clicking the following link: Waiver of Administrative Penalty for Failure to File Corporate Tax Registration within the Prescribed public clarification includes a detailed explanation of the conditions to benefit from the waiver of the Late Registration Penalty, as well as the refund mechanism in cases where a penalty has already been paid. Illustrative examples of how to benefit from the initiative in different scenarios are also public clarification explains for those eligible to benefit from the initiative, as well as certain exempt persons who are required to register for Corporate the clarification, the FTA highlighted that if the Person within the scope of this initiative meets the conditions to benefit from the waiver (namely, filing the Tax Return within seven months from the end of the first Tax Period or files an annual declaration within seven months from the end of its first Financial Year) they will be exempt from the "Late Registration Penalty" automatically without the need to submit a Reconsideration or Penalty Waiver request. In case the Late Registration Penalty has already been paid, the amount of Dh10,000 shall be automatically credited to that Person's 'EmaraTax' Corporate Tax account, which enables them to use the amount to settle other tax obligations or request a refund from the FTA by submitting a refund application.
Al Etihad
2 days ago
- Business
- Al Etihad
Modon Holding posts Dh2.1 billion profit in H1
28 July 2025 22:42 ABU DHABI (ALETIHAD)Modon Holding delivered a net profit of Dh2.1 billion for the first half of 2025, marking a 4.2-fold increase compared to the same period last year (excluding one-off items), on the back of strong real estate sales, improved recurring income, and strategic Abu Dhabi-headquartered holding company also saw its revenue triple year-on-year to Dh6.5 billion, supported by high demand for new property launches and a growing portfolio of income-generating assets across hospitality, events, and asset management segments. Group EBITDA rose 4-fold to Dh2.9 billion, with margins expanding to 44%, driven by synergies, efficiency gains, and a more balanced portfolio mix.A key highlight was the company's record Dh10 billion in real estate sales, fuelled by strong uptake of flagship developments on Reem and Hudayriyat Islands. The firm's total revenue backlog reached Dh33 billion, providing strong forward visibility. Total assets climbed to Dh85 billion, up 12% from end-2024, while equity rose to Dh53 Jassem Mohammed Bu Ataba Al Zaabi said the first-half results marked 'another pivotal chapter' in Modon's transformation. 'Exceptional commercial performance and strategic delivery continue to accelerate our transformation, enabling us to scale across high-impact sectors. We remain focused on long-term value creation while reinforcing Abu Dhabi's position as a global hub for investment, innovation and sustainable urban development.'Group Managing Director Abdullah Al Sahi highlighted the disciplined execution of Modon's strategy. 'Continued expansion into priority markets such as the UK and North America, alongside targeted growth across Egypt and Spain, reflects our commitment to building a future-ready portfolio with global reach.'Group CEO Bill O'Regan attributed the strong results to Modon's diversified model and focused execution. 'Revenue and EBITDA grew significantly, driven by high-demand real estate launches, stable recurring income and disciplined capital deployment. Record sales of Dh10 billion and a robust development pipeline reinforce forward visibility.' Modon also advanced its international footprint with investments in the UK and Egypt, including the launch of Gridora, a new infrastructure platform, and the acquisition of global events firm Arena. With Dh5.5 billion in sales already recorded in July through its Wadeem residential plot launch, Modon enters the second half with strong momentum.
Time of India
2 days ago
- Business
- Time of India
UAE media law now in full force: What you can and can't say as fines reach Dh1 million
UAE introduced a strict media law enforcing fines up to Dh1 million for insulting religious beliefs and other prohibited content/Representative Image TL;DR: UAE 's media law, active since May 29, 2025, imposes fines up to Dh1 million for insulting religious beliefs or violating content norms. Licensing is now mandatory for all content creators, influencers, journalists, and publishers. Fines also apply to misinformation, unlicensed media events, and violations of moral or national values. Repeat offenders face double penalties, suspension, or shutdowns. With two months having passed since the UAE enacted its sweeping Federal Decree-Law No. 55 of 2023, the new media regulations are no longer just legislation on paper. As of late July 2025, enforcement is in full swing. Media professionals, influencers, and even occasional content creators are now under tighter scrutiny by the UAE Media Council and related authorities. Those who remain unaware or non-compliant could now be facing heavy fines or worse, licence suspensions and criminal liability. Overview of the Law Signed into effect on May 29, 2025, the UAE's media law governs all forms of media, from news outlets and radio broadcasters to TikTokers, Instagram influencers, YouTubers, podcasters, and publishing houses. The law lays out strict penalties for a wide array of violations, especially: Insulting religious beliefs or promoting religious hatred (up to Dh1 million fine or $272,300) Violating public morality or social harmony (up to Dh250,000 or $68,075) Disrespecting national symbols or institutions Publishing false news or unlicensed content Licensing: Now Non-Negotiable Whether you're a social media influencer, a podcast host, or an independent journalist, you must now be licensed to legally operate in the UAE. Under Cabinet Decision No. 41 of 2025, these licences are issued by the UAE Media Council and apply to: Content creators (including social media personalities) Event organisers Journalists and media correspondents Publishers and film distributors Key penalties for non-compliance as mentioned in local news outlet Khaleej Times: Dh10,000 ($2,723) fine for first violation Up to Dh40,000 ($10,892) for repeated offences Dh20,000 ($5,446) for operating with expired licences Daily fines for delays in renewal or corrections Offences and Penalties: What You Should Avoid Here's what can get you into legal trouble: Religious Insults Any content: text, video, audio that offends Islam or other recognized religions can lead to Dh250,000–Dh1 million ($68,075-$272,300) in fines. Misinformation and Rumours Spreading unverified claims or misleading news could cost you Dh5,000 ($1,362) for a first offence, and Dh10,000 ($2,723) if repeated. Moral Violations Content that contradicts UAE's public decency codes, including sexually suggestive material or hate speech may draw Dh100,000+ ($27,230) in fines. Undermining State Interests Disrespecting national unity, leadership, or institutions, even subtly, can lead to Dh50,000–Dh500,000 ($13,615-$ 136,150) in fines. Hosting Unauthorised Media Events If you host book launches, press events, or film screenings without prior licensing, you face Dh40,000–Dh200,000 in penalties. Repeated Offences Can Shut You Down Fines double for repeat violations (up to Dh2 million) The UAE Media Council can suspend your licence for up to 6 months Permanent closure of your media channel, website, or page is allowed if violations persist Legal action, including jail time is possible for serious breaches Why This Matters UAE authorities are actively monitoring content across platforms. Several creators have already received warnings for: Failing to display their official media licence Commenting on sensitive religious or national topics without factual backing Hosting giveaways or commercial partnerships without disclosure In a fast-changing online environment, the new law provides clarity, structure, and legal protection but only for those who play by the rules. The UAE's new media law establishes a stringent, unified regulatory environment, ensuring that content across platforms aligns with national priorities. By imposing severe penalties, particularly for insulting religious sentiments and formalizing licensing under the Media Council, the country underscores its commitment to protecting societal values and promoting professional conduct within the media landscape. FAQ 1. Who needs a media licence in the UAE? Anyone who creates public-facing content, including influencers, journalists, publishers, podcast hosts, and event organizers, must obtain a licence through the UAE Media Council. 2. What's the fine for insulting religious beliefs? Fines start at Dh5,000 and can reach up to Dh1 million, depending on the severity and recurrence of the violation. 3. Can my Instagram account be suspended under this law? Yes, if you're found repeatedly violating media rules, especially around licensing, misinformation, or prohibited content, authorities can suspend or shut down your platform. 4. What counts as 'misinformation'? Any news, video, or claim shared without verified sources or contrary to official UAE facts. Even unintentional spreading of rumours can lead to fines. 5. Is this law applicable to expats and freelancers? Yes, the law applies regardless of nationality, and to both individual freelancers and registered media companies operating in the UAE.
Al Etihad
23-07-2025
- Business
- Al Etihad
FAB net profit surpasses Dh10 billion for first time
23 July 2025 11:29 ABU DHABI (WAM)First Abu Dhabi Bank (FAB) has delivered a record financial performance in the first half of 2025, reporting a net profit of Dh10.63 billion, up 26 percent year-on-year, surpassing the Dh10 billion mark for the first time in a half-year per share grew 27 percent yoy to Dh0.93 in H1'25 and Return on Tangible Equity (RoTE) stood at 20.5 percent, firmly on track with FAB's medium-term guidance of above 16 before tax increased 29 percent to Dh12.83 billion driven by a 16 percent yoy rise in operating income to Dh18.31 billion in H1' interest income rose 2 percent yoy to Dh9.96 billion, and non-interest income grew 41 percent to Dh8.35 billion. The latter was driven by a 25 percent rise in fees and commissions on the back of strong deal origination and deal execution, and a 30 percent increase in FX and investment income, supported by robust client flows and a strong trading and advances rose 7 percent ytd to Dh568 billion, while customer deposits increased 4 percent to Dh813 billion, reflecting healthy growth across both wholesale and retail franchises. Total assets grew 11 percent ytd to Dh1.34 Chief Executive Officer of FAB, Hana Al Rostamani, said, "Our record performance reinforces FAB's position as the UAE's Global Bank and reflects a franchise defined by scale, connectivity, and innovation, with AI increasingly embedded in how we operate and how we serve our clients." Group Chief Financial Officer of FAB, Lars Kramer, stated, "We achieved broad-based growth with all divisions delivering double-digit revenue expansion, highlighting effective balance sheet deployment, the deepening of relationships and sustained client engagement in dynamic market conditions."
Al Etihad
22-07-2025
- Automotive
- Al Etihad
Al Wahda Mall to operate ticketless paid parking system from next week; here's how it works
KIRSTIN BERNABE (ABU DHABI) Al Wahda Mall will start operating its new ticketless parking system by next week, the shopping centre's management told Aletihad on Tuesday. Shoppers were accustomed to getting paper parking tickets from machines upon entry, paying at kiosks inside the mall, and then reinserting the validated ticket at the exit point. However, this process has been temporarily suspended as Al Wahda Mall upgrades its parking facility into a smart, environment-friendly system that won't require tickets or barriers. Mayank Pal, General Manager of Al Wahda Mall, confirmed to Aletihad that they would start using an AI-powered park-and-go system 'around next week'. Equipped with Automatic Number Plate Recognition (ANPR) technology, the system scans vehicles' licence plates at entry and exit, calculating parking duration to determine fees. The vehicle number then serves as identification, replacing the old paper ticket format, said Sooraj Kp, Deputy General Manager at Al Wahda Mall. Visitors can pay using a mobile application or by scanning a QR code displayed on signboards around the mall. Pay stations have also been installed, allowing motorists to view and settle parking fees simply by entering their vehicles' plate number. Both cash and card payments are accepted. Additionally, mall staff will be present in the parking area to assist drivers and facilitate transactions. Al Wahda Mall is one of two popular Abu Dhabi shopping centres set to implement a smart parking management system in the coming days. Dalma Mall will begin operating its Parkonic facility from July 25, as reported by Aletihad. With the new system, Al Wahda Mall seeks to ease traffic movement at its parking lots, Pal said. 'We are looking to have seamless entry and exit for our visitors and this new technology will be able to prevent delay, particularly at entry and exit points.' The mall clarified that parking charges will remain unchanged. From 8am to 10am, the fee is Dh10 per hour. After 10am, parking is free for the first three hours; charges then apply as follows: Dh10 for three to four hours; Dh20 for four to five; Dh30 for five to six; Dh50 for six to seven; and Dh100 for over seven hours. Shoppers can have their fees waived or receive additional free hours through parking validation, with no minimum spend required. To do so, visit the customer care kiosk at the mall or inside LuLu Hypermarket, present the receipt, and provide the vehicle plate number.
