Home Industry Finance Stiff Dhs10,000 fine announced for UAE corporate tax dodgers The penalty was implemented to prompt taxpayer compliance with tax laws through timely corporate tax registration by Gulf Business February 28, 2024 Image courtesy: WAM The UAE’s Ministry of Finance announced a new Dhs10,000 penalty for businesses that do not do not submit corporate tax registration applications within the timelines specified by the Federal Tax Authority. The new penalty was introduced to encourage taxpayers to comply with tax regulations, and register in a timely fashion. The Cabinet Decision No. 10 of 2024, which was announced today, amends the schedule of violations and administrative penalties of Cabinet Decision No. 75 of 2023, according to state-run Emirates News Agency. The new fine will come into effect on March 1, 2024. The UAE’s corporate tax law – which levies a headline 9 per cent rate on income of certain businesses that exceed $102,000 (Dhs375,000) – is part of the country’s broader strategies that are aimed at aligning the Gulf state with new international standards. It also aligns with a global minimum tax on multinational corporations endorsed by the G20 countries in 2021. Read: UAE Free Zone Corporate Tax regime earns OECD’s ‘non-harmful’ recognition Tags Corporate Tax Law Federal Tax Authority Taxpayers UAE You might also like UAE finalises pact to boost trade with Eurasian Economic Union UAE set to roll out 15% tax for global corporate giants US clears export of advanced AI chips to UAE under Microsoft deal Mubadala has $330bn in assets under management, says CEO