UAE Corporate Tax: 'Grace period' to update tax records will end soon

Dubai: UAE businesses that still haven't submitted their updated tax records need to do so immediately - they only have until end March for the grace period to end.

These registrants must 'take advantage of an extended grace period', said the FTA (Federal Tax Authority) to submit these records and not incur any administrative penalties.

Registrants shall notify the FTA - in the form and mechanism approved by it - within 20 business days of any change to registrants’ data kept with the FTA.

The FTA necessary data to be updated must include the 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 registrant.

The UAE Cabinet issued a decision last year to offer a grace period during which registrants can update their tax records. And with no penalities for those registrants who update their tax records between January 1, 2024 and March 31, 2025.

Where administrative penalties had already been imposed during the grace period, these fines will be waived and reimbursed.