The UAE’s new VAT updates will impact several sectors, with investment fund management and virtual assets receiving key exemptions
Taxable persons incorporated on or after June 1, 2023, with tax periods ending on or before February 29, 2024, now have until December 31 to fulfill their corporate tax obligations
Businesses operating in UAE free zones must review the FTA’s latest guidelines to ensure compliance and take advantage of the 0 per cent corporate tax rate on qualifying income
The introduction of the Taxpayer Charter is part of the FTA’s broader efforts to enhance taxpayer awareness about the UAE tax system
Failure to comply with the tax deadlines could result in hefty fines
Under Cabinet Decision No (75) of 2023, penalties will be imposed on taxable persons who do not comply with the UAE corporate tax law effective from August 1
The initiative is designed based on the results of an opinion poll and proposals fielded by the authority through its direct communication with customers