Latest news with #FederalDecree-LawonTaxProcedures
Hi Dubai
14-03-2025
- Business
- Hi Dubai
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
Al Etihad
13-03-2025
- Business
- Al Etihad
End of March final deadline to update tax records without administrative penalties: FTA
13 Mar 2025 17:34 ABU DHABI (WAM)The Federal Tax Authority (FTA) has called on registrants who have yet to update their tax records to take advantage of an extended 'grace period' to submit their tax records, stating that submissions received before the end of March 2025 will not incur any administrative a reminder issued on Thursday, the FTA stated that according to the Cabinet Decision on the Executive Regulations of the Federal Decree-Law on Tax Procedures, registrants shall notify the FTA, in the form and mechanism approved by it, within twenty (20) business days of any change to registrants' data kept with the to comply with such notifications within that period may result in administrative FTA also clarified that the necessary data to be updated during the specified legal period include; name and address of the business, email address, trade licence activities, legal entity type, partnership agreements for unincorporated partnerships and articles of association or its equivalent, nature of business, and any address from which the business is conducted by the encourage registrants to update their records with the Authority, the Cabinet issued a decision last year to apply a grace period during which registrants can update their tax records, explaining that no administrative penalties will be imposed on registrants who update their tax records from January 1, 2024 to March 31, Cabinet Decision further noted that in cases where administrative penalties had already been imposed – during the grace period – as a result of not updating the registrants' information within (20) working days, these fines will be waived and FTA stressed that this decision was made to continue supporting taxpayers and encouraging them to comply with tax procedures and legislation. It also provided more facilities to simplify tax procedures across business sectors and enhance a more effective contribution to the growth of the national economy. The FTA encouraged those seeking further clarification to read the public clarification issued on the grace period for updating information in tax records, which can be accessed through the Public Clarifications service on the FTA's official website.
