Companies receiving tax refunds due to missing the recently imposed UAE corporate tax deadline
Hey there! Exciting news for UAE companies, y'all! The Federal Tax Authority (FTA) has been dishing out some hopes and change, especially for those who ran a bit late on their corporate tax registration.
If your business was slapped with a Dh10,000 fine for tardiness, guess what? You're getting that money back, baby! That's right, if you submit your corporate tax return within seven months from the finish line of your first tax period, the FTA will waive or refund your late registration penalty.
For example, if your first tax period stretches from January 1, 2024, to December 31, 2024, you've got until July 31, 2025, to file your return. Submit within this timeline, and you'll either get a free pass on the penalty or see that sweet, sweet refund appear in your tax account.
And for those of you who've already shelled out your hard-earned cash for that penalty? Don't worry, the FTA will transfer the cash back into your account as soon as you submit your return. This'll be a lifesaver, especially for the SMEs that live paycheck-to-paycheck.
But heed this warning: Turning up to register whenever you feel like it just won't cut it. To score a waiver or refund, your company must be in compliance with the FTA's guidelines[1].
So, hurry up and get your return together, folks! With this golden opportunity, you can start the new fiscal year on a positive note and watch your finances grow[2]. Relief also applies to companies with earlier tax periods, just ensure your return is submitted within the stipulated timeframe[1].
And for those wondering, "What is this magical 'tax account' you keep mentioning?" That's simple! It's an online account businesses create through the EmaraTax portal provided by the FTA. Here, you'll manage all aspects of your tax registration and filings[3]. And of course, this is where those delightful refunds for those late registration penalties will land[3].
Stay awesome, and remember to keep checking in for more updates on UAE corporate tax[4]. In the meantime, make your voices heard, and let's dive deeper into this exciting new chapter for UAE businesses[4].
References:1. UAEBusiness.com2. Gulf News3. Zawya4. Arabian Business
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- This recent news about UAE companies getting refunds on late registration fines might bring a sense of relief, especially for small and medium-sized businesses that struggle with finances.
- If you've already paid a late registration penalty for corporate tax, keeping track of your tax account through the EmaraTax portal provided by the FTA will help you secure the refund when submitting your return.
