Latest news with #taxregistration
Khaleej Times
12 hours ago
- Business
- Khaleej Times
UAE: Over 33,900 companies exempted from corporate tax late registration penalty
Over 33,900 companies in the UAE have benefitted from the penalty waiver initiative for late corporate tax registration, the Federal Tax Authority (FTA) said on Tuesday. The authority, meanwhile, has renewed its call for corporate tax registrants who have not yet registered to expedite the submission of their registration applications, and to then file their tax returns through the 'EmaraTax' digital tax services platform for their first tax period. This is in order to benefit from the initiative, which applies to taxable entities and some exempt persons required to register with the Authority. The Authority stressed that Thursday, July 31 will be the final deadline to benefit from the initiative for the majority of corporate taxpayers whose first tax period coincides with the calendar year—from January 1 to December 31, 2024. To qualify, they must complete all registration procedures and submit their corporate tax returns via the EmaraTax platform before the end of July. The FTA emphasised that failure to meet the conditions by July 31 will result in ineligibility for the exemption, and a late registration penalty of Dh10,000 will be imposed on unregistered entities. The FTA clarified that to qualify for the waiver of the late registration penalty, the taxable person (or the exempt person required to register) must submit their corporate tax return (or annual declaration) within no more than seven months from the end of their first tax period (or financial year), instead of the usual nine-month deadline. The Penalty Waiver Initiative, the FTA reiterated, only applies to the first tax period of the taxable person or required exempt persons.
Zawya
18-07-2025
- Business
- Zawya
Kuwait unveils e-tax platform
KUWAIT CITY - The Ministry of Finance announced the launch of an online registration service for companies subject to the Multinational Entities Tax Law through its official website. This service falls within the framework of the ministry's commitment to implementing the provisions of Law No. 157/2024 and advancing digital transformation in service delivery. It is designed to streamline the registration process for companies subject to the law, per Article 75 'Self-Registration of the Taxpayer' of the law's executive regulations. This service allows companies to complete the registration process electronically through the Ministry of Finance's official website by following these steps: 1. Visit the Ministry of Finance website at 2. From the main menu, select 'Corporate and Institutional Tax,' or choose 'Electronic Tax Services' from the list of e-services. This will direct you to www. 3. Log in using your existing username and password, or click on 'Create Account' if you do not have one. 4. Once logged in, select the desired service and submit your registration request. It is worth noting that the Ministry of Finance reaffirms its commitment to developing the digital services system, which helps enhance institutional efficiency and improve compliance with tax legislation in the State of Kuwait.
Zawya
18-06-2025
- Business
- Zawya
Unregistered taxpayers urged to utilise late registration penalty waiver initiative: FTA
ABU DHABI: A new workshop hosted recently in Abu Dhabi by the Federal Tax Authority (FTA) saw the participation of around 940 business representatives and stakeholders, as the FTA continues to reiterate its call to unregistered corporate taxpayers to expedite the submission of their corporate tax registration applications. The workshop series is part of the FTA's ongoing campaign to educate and enable businesses to benefit from the Cabinet Decision to exempt corporate taxpayers and certain categories of exempt persons required to register with FTA from administrative fines – typically resulting from the late submission of a registration application, within the stipulated legal period. The Abu Dhabi workshop – one of many in-person events being held across the UAE – also defined the rules for determining income subject to corporate tax and clarified the requirements and procedures for compliance with the Corporate Tax Law. In addition to in-person seminars, the FTA is also organising various remote video conference events. During the workshop, the Authority further confirmed that – in order to benefit from the exemption initiative – corporate taxpayers (or exempt persons required to register) who have registered for the tax must file their tax returns (or annual declarations) within a period not exceeding seven (7) months from the end of the registrant's first tax period, in order to be exempt from the penalty. The FTA further clarified that the exemption only applies to the taxpayer registrant's first tax period (or an exempted person required to register), whether the due date of the first tax return (or first annual declaration) is before or after the start of the new decision's implementation. During the workshop, FTA experts provided an in-depth explanation on key aspects of corporate tax, including how to determine and calculate income subject to corporate tax, understanding tax liabilities, and adhering to accounting standards for tax purposes. Other topics touched on included the preparation of financial statements based on the taxpayer's applicable accounting standards, the accrual basis of accounting, and the recognition of income when earned and expenses when incurred. Additionally, FTA experts discussed the definitions of financial assets and liabilities, methods of accounting for equity under IFRS, and the application of cost accounting standards. A demonstration on the registration procedures through EmaraTax, the digital tax services platform, was also provided, as well as the criteria for identifying taxable persons, the applicable rates and tax periods, the mechanism for applying the provisions of the Corporate Tax Law and its associated decisions, and the requirements for compliance with the law. At the conclusion of the workshop, FTA personnel conducted a Q&A session with the workshop participants. The current phase of the campaign, which began in 2023 and is running across the UAE, addresses various tax topics to introduce the legislation, requirements and procedures for corporate tax compliance. These awareness programmes are designed and orientated to suit each of the main categories concerned, utilising the latest relevant technologies to ensure easy access to information for taxpayers. The Authority emphasised that the corporate tax awareness campaign is a key component of its comprehensive engagement strategy, aimed at ensuring seamless corporate tax compliance and supporting taxpayers in meeting their tax obligations. The campaign also intends to foster voluntary compliance, built upon a robust procedural and legislative framework that aligns with global best practices. The FTA urged taxpayers to familiarise themselves with the Corporate Tax Law, Executive Decisions, and Guides available on the FTA's website.
Zawya
17-06-2025
- Business
- Zawya
940 participants attend Abu Dhabi Corporate Tax Awareness Workshop
Abu Dhabi: A new workshop hosted recently in Abu Dhabi by the Federal Tax Authority (FTA) saw the participation of around 940 business representatives and stakeholders, as the FTA continues to reiterate its call to unregistered corporate taxpayers to expedite the submission of their corporate tax registration applications. The workshop series is part of the FTA's ongoing campaign to educate and enable businesses to benefit from the Cabinet Decision to exempt corporate taxpayers and certain categories of exempt persons required to register with FTA from administrative fines – typically resulting from the late submission of a registration application, within the stipulated legal period. The Abu Dhabi workshop – one of many in-person events being held across the UAE – also defined the rules for determining income subject to corporate tax and clarified the requirements and procedures for compliance with the Corporate Tax Law. In addition to in-person seminars, the FTA is also organising various remote video conference events. During the workshop, the Authority further confirmed that – in order to benefit from the exemption initiative – corporate taxpayers (or exempt persons required to register) who have registered for the tax must file their tax returns (or annual declarations) within a period not exceeding seven (7) months from the end of the registrant's first tax period, in order to be exempt from the penalty. The FTA further clarified that the exemption only applies to the taxpayer registrant's first tax period (or an exempted person required to register), whether the due date of the first tax return (or first annual declaration) is before or after the start of the new decision's implementation. During the workshop, FTA experts provided an in-depth explanation on key aspects of corporate tax, including how to determine and calculate income subject to corporate tax, understanding tax liabilities, and adhering to accounting standards for tax purposes. Other topics touched on included the preparation of financial statements based on the taxpayer's applicable accounting standards, the accrual basis of accounting, and the recognition of income when earned and expenses when incurred. Additionally, FTA experts discussed the definitions of financial assets and liabilities, methods of accounting for equity under IFRS, and the application of cost accounting standards. A demonstration on the registration procedures through EmaraTax, the digital tax services platform, was also provided, as well as the criteria for identifying taxable persons, the applicable rates and tax periods, the mechanism for applying the provisions of the Corporate Tax Law and its associated decisions, and the requirements for compliance with the law. At the conclusion of the workshop, FTA personnel conducted a Q&A session with the workshop participants. The current phase of the campaign, which began in 2023 and is running across the UAE, addresses various tax topics to introduce the legislation, requirements and procedures for corporate tax compliance. These awareness programmes are designed and orientated to suit each of the main categories concerned, utilising the latest relevant technologies to ensure easy access to information for taxpayers. The Authority emphasised that the corporate tax awareness campaign is a key component of its comprehensive engagement strategy, aimed at ensuring seamless corporate tax compliance and supporting taxpayers in meeting their tax obligations. The campaign also intends to foster voluntary compliance, built upon a robust procedural and legislative framework that aligns with global best practices. The FTA urged taxpayers to familiarise themselves with the Corporate Tax Law, Executive Decisions, and Guides available on the FTA's website. About Federal Tax Authority The Federal Tax Authority was established by Federal Decree-Law No. (13) of 2016 to help diversify the national economy and increase non-oil revenues in the UAE through the management and collection of federal taxes based on international best practices and standards, as well as to provide all means of support to enable taxpayers to comply with the tax laws and procedures. Since its inception in 2017, the FTA has been committed to cooperate with the competent authorities to establish a comprehensive and balanced system to make the UAE one of the first countries in the world to implement a fully electronic tax system that encourages voluntary compliance, with simple procedures based on the highest standards of transparency and accuracy – beginning from registration, to the submission of tax returns, to the payment of due taxes through the Authority's website:
