Corporate Tax
Penalties set in line with the late registration penalties imposed for Excise Tax, VAT Image Credit: Supplied

Abu Dhabi: An administrative penalty of Dh10,000 will be imposed on companies for late registrations for UAE Corporate Tax, the Ministry of Finance announced Tuesday. The penalty will be imposed on businesses that do not submit their Corporate Tax registration applications within the timelines specified by the Federal Tax Authority, according to a statement issued by the Ministry.

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The penalty was introduced to encourage taxpayers' compliance with tax regulations by registering for corporate tax in a timely fashion.

"The penalty amount for late tax registration is aligned with the penalty associated with late registration for excise tax and value-added tax (VAT)," said the statement.

The Ministry of Finance announced the issuance of Cabinet Decision No. 10 of 2024, amending the schedule of violations and administrative penalties of Cabinet Decision No. 75 of 2023 on the administrative penalties for violations related to the application of Federal Decree-Law No. 47 of 2022 on the taxation of corporations and businesses. Cabinet Decision No.10 of 2024 will come into effect on March 1, 2024.