Nearly 34,000 UAE Firms Benefit from Late Registration Penalty Waiver – Final Deadline: July 31
Dubai: UAE businesses are making a last-minute push to file their 2024 corporate tax returns by July 31, the final date to benefit from the Federal Tax Authority’s (FTA) Dh10,000 late registration penalty waiver.
So far, 33,900 companies have had their penalties waived, according to the FTA. This initiative targets businesses whose first tax period runs from January 1 to December 31, 2024. To qualify, companies must:
- Complete corporate tax registration through the EmaraTax platform.
- File their 2024 tax return by July 31, 2025.
“Some late registrants are still waiting for registration approvals, which delays filing,” said Sumayya Zain, founder of Hallmark International Auditors. “However, returns can be filed by July 31 and taxes paid by September 30, 2025, to still benefit from the waiver.”
Businesses with pending registration amendments must wait for FTA approval before filing. Those who have already paid the Dh10,000 fine will see it refunded to their tax account if they meet the deadline.
The FTA emphasized that this waiver applies only to the first tax period, including certain exempt entities that are still required to register.
Sumayya also highlighted compliance requirements:
- Financial statements must be signed and stamped by management, regardless of audit requirement.
- Taxpayers should assess key elections in their first return, such as:
- The realisation basis election for taxing gains on certain assets.
- Transitional provisions for pre-tax asset valuations and accumulated profits.
