The UAE has waived late registration fines for corporate taxpayers and certain exempt persons who failed to register with the Federal Tax Authority (FTA) within the deadline.
The cabinet decision announced by the ministry of finance and the FTA, aims to bolster “voluntary tax compliance environment” and ease “financial burdens on businesses”, the UAE state-run news agency Wam reported.
The exemption will apply to only those eligible entities which file their tax return or their annual financial statements within seven months from the end of their first tax period, Wam said.
The FTA also confirmed that it will start the process to refund administrative fines collected from individuals who meet the specified criteria.
“The decision is expected to significantly support the UAE’s ongoing effort to ensure better compliance during the first year of corporate tax implementation,” the ministry of finance and the FTA said.
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