Latest news with #AED10
Zawya
16-07-2025
- Business
- Zawya
UAE: FTA emphasises prompt corporate tax registration to benefit from penalty waiver
The Federal Tax Authority (FTA) confirmed an increase in the number of beneficiaries from the Corporate Tax Late Registration Penalty Waiver initiative applicable to Taxable Persons and certain categories of Exempt Persons required to register with the FTA who were late in submitting their Corporate Tax registration applications within the deadline. The FTA clarified that in order to be exempt from the AED10,000 'Late Registration Penalty' for Corporate Tax, Taxable Persons (or Exempt Persons required to register) must submit their Tax Return (or annual declaration) no later than seven months from the end of their first Tax Period (or the first Financial Year), instead of nine months. The Late Registration Penalty Waiver initiative applies only to the first Tax Period of the Taxable Person (or Exempt Person required to register), regardless of whether the due date of the first Tax Return (or annual declaration) was before or after the new decision came into effect. Khalid Ali Al Bustani, Director General of the FTA, emphasised the importance of the non-registered Corporate Tax Taxable Persons to submit their Corporate Tax registration applications to the FTA, followed by the submission of Tax Returns through the 'EmaraTax' platform. He highlighted that meeting the deadlines allows eligible Taxable Persons and certain Exempt Persons—who are required to register—to benefit from the UAE Cabinet Decision on the administrative penalties waiver initiative, which exempts them from fines related to delays in Corporate Tax registration. Al Bustani added, 'This important initiative comes as part of the comprehensive strategy to support business sectors and encourage voluntary compliance with tax laws and procedures to avoid Administrative Penalties. This contributes to promoting economic growth, ensuring tax transparency and fairness within a legislative environment that keeps pace with developments through sustainable improvement, while maintaining performance quality and managing the tax system with the highest levels of efficiency and accuracy.' He stated, 'It is clear that the initiative to waive the Late Registration Penalty is incentivising many registrants for Corporate Tax as we note an increase in the number of Corporate Tax registrations to 576,000 – up from 538,000 registrants before the launch of the waiver initiative, in April 2025. This resulted in an increase of 38,000 additional registrations, as thousands of Corporate Tax registrants have submitted their Tax Return and annual declaration within the specified deadline to benefit from the Late Registration Waiver.' Al Bustani said that these indicators are a clear reflection of the initiative's success, which shows how the awareness on tax compliance and procedures is growing across all business sectors, in the UAE. The FTA is keen to continue engaging with the business community through various awareness channels, as well as to seek taxpayers' views and discuss ways to overcome any challenges they may face. Furthermore, the authority is intensifying its efforts, in cooperation with the relevant entities, to raise awareness about the importance of the initiative and the need for non-registered Corporate Tax Taxable Persons to benefit from the waiver initiative.
Emirates 24/7
16-07-2025
- Business
- Emirates 24/7
FTA emphasises prompt corporate tax registration to benefit from penalty waiver
The Federal Tax Authority (FTA) confirmed an increase in the number of beneficiaries from the Corporate Tax Late Registration Penalty Waiver initiative applicable to Taxable Persons and certain categories of Exempt Persons required to register with the FTA who were late in submitting their Corporate Tax registration applications within the deadline. The FTA clarified that in order to be exempt from the AED10,000 'Late Registration Penalty' for Corporate Tax, Taxable Persons (or Exempt Persons required to register) must submit their Tax Return (or annual declaration) no later than seven months from the end of their first Tax Period (or the first Financial Year), instead of nine months. The Late Registration Penalty Waiver initiative applies only to the first Tax Period of the Taxable Person (or Exempt Person required to register), regardless of whether the due date of the first Tax Return (or annual declaration) was before or after the new decision came into effect. Khalid Ali Al Bustani, Director General of the FTA, emphasised the importance of the non-registered Corporate Tax Taxable Persons to submit their Corporate Tax registration applications to the FTA, followed by the submission of Tax Returns through the 'EmaraTax' platform. He highlighted that meeting the deadlines allows eligible Taxable Persons and certain Exempt Persons—who are required to register—to benefit from the UAE Cabinet Decision on the administrative penalties waiver initiative, which exempts them from fines related to delays in Corporate Tax registration. Al Bustani added, 'This important initiative comes as part of the comprehensive strategy to support business sectors and encourage voluntary compliance with tax laws and procedures to avoid Administrative Penalties. This contributes to promoting economic growth, ensuring tax transparency and fairness within a legislative environment that keeps pace with developments through sustainable improvement, while maintaining performance quality and managing the tax system with the highest levels of efficiency and accuracy.' He stated, 'It is clear that the initiative to waive the Late Registration Penalty is incentivising many registrants for Corporate Tax as we note an increase in the number of Corporate Tax registrations to 576,000 – up from 538,000 registrants before the launch of the waiver initiative, in April 2025. This resulted in an increase of 38,000 additional registrations, as thousands of Corporate Tax registrants have submitted their Tax Return and annual declaration within the specified deadline to benefit from the Late Registration Waiver.' Al Bustani said that these indicators are a clear reflection of the initiative's success, which shows how the awareness on tax compliance and procedures is growing across all business sectors, in the UAE. The FTA is keen to continue engaging with the business community through various awareness channels, as well as to seek taxpayers' views and discuss ways to overcome any challenges they may face. Furthermore, the authority is intensifying its efforts, in cooperation with the relevant entities, to raise awareness about the importance of the initiative and the need for non-registered Corporate Tax Taxable Persons to benefit from the waiver initiative.
ARN News Center
17-06-2025
- Business
- ARN News Center
CBUAE fines exchange house AED 10 million, cancels licence
The Central Bank of the UAE (CBUAE) has revoked the licence of Sundus Exchange and removed it from its official register. The move comes after regulatory examinations uncovered serious violations of anti-money laundering and counter-terrorism financing laws. In addition to the licence cancellation, the exchange house has been hit with a financial penalty of AED 10 million under Article 14 of the Federal Decree Law No. 20 of 2018. The Central Bank says this action underscores its commitment to safeguarding the integrity and transparency of the UAE's financial system. It is reminding all exchange houses, their owners, and staff to comply strictly with national regulations to prevent financial crimes. The #CentralBankUAE has revoked the licence of 'Sundus Exchange' operating in the UAE, struck its name off the licences register and imposed a financial sanction of AED10 million, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and… — Central Bank of the UAE (@centralbankuae) June 17, 2025
Dubai Eye
17-06-2025
- Business
- Dubai Eye
CBUAE fines exchange house AED 10 million, cancels licence
The Central Bank of the UAE (CBUAE) has revoked the licence of Sundus Exchange and removed it from its official register. The move comes after regulatory examinations uncovered serious violations of anti-money laundering and counter-terrorism financing laws. In addition to the licence cancellation, the exchange house has been hit with a financial penalty of AED 10 million under Article 14 of the Federal Decree Law No. 20 of 2018. The Central Bank says this action underscores its commitment to safeguarding the integrity and transparency of the UAE's financial system. It is reminding all exchange houses, their owners, and staff to comply strictly with national regulations to prevent financial crimes. The #CentralBankUAE has revoked the licence of 'Sundus Exchange' operating in the UAE, struck its name off the licences register and imposed a financial sanction of AED10 million, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and… — Central Bank of the UAE (@centralbankuae) June 17, 2025
Gulf Insider
30-05-2025
- Business
- Gulf Insider
Dubai Takes Major Tokenised Real Estate Project
The Dubai real estate sector leading the world again as tokenised property sells out and new ownership certificate launched. Dubai Land Department has launched the world's first Property Token Ownership Certificate, following the successful sale of the first tokenised real estate project on the 'Prypco Mint' platform — licensed by VARA — within just one day of launch. This milestone further reinforces Dubai's position as a global leader in real estate innovation and digital transformation. The first project launched under the Real Estate Tokenisation Initiative attracted 224 investors, 70 per cent of whom entered Dubai's real estate market for the first time. This highlights strong investor confidence and the accessibility provided by flexible, low-cost digital solutions. Investors represented 44 nationalities, and the average individual investment amounted to AED10,714 ($2,917). As the region's first platform of its kind, the initiative continues to draw significant interest, with the waitlist exceeding 6,000 requests. This surge in demand reflects Dubai's growing appeal to new segments of global investors seeking innovative and accessible property ownership models. Dubai Land Department developed the Real Estate Tokenisation project in collaboration with the Virtual Assets Regulatory Authority (VARA) and the Central Bank of the United Arab Emirates and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. It is being executed through Prypco Mint. The initiative aims to broaden the real estate investor base while enhancing transparency and accelerating transaction processes, aligning with the Dubai Real Estate Strategy 2033 goals and the Dubai Economic Agenda D33. Dubai Land Department is currently working to enable real estate developers to list their projects on the platform, further expanding the initiative's scope and unlocking new opportunities for digital property investment. Also read: Dubai Metro Blue Line Set To Ease Traffic Congestion In The City
