DUBAI : As of July 16, a total of 576,000 entities have registered for Corporate Tax, marking an increase of 38,000 since April, when the waiver was first announced. The FTA attributes this jump to growing awareness and the incentive to avoid penalties through timely compliance.
The waiver applies to both Taxable Persons and certain Exempt Persons required to register for Corporate Tax. To qualify, entities must complete their registration and submit their first tax return—or annual declaration—within seven months of the end of their first Tax Period or Financial Year. This is a revision from the previous nine-month window.
Importantly, the Dh10,000 penalty waiver is only applicable for the first Tax Period, regardless of whether the deadline for filing originally came before or after the initiative was introduced.
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The FTA emphasized that businesses must complete both their registration and tax return submissions through the EmaraTax platform within the stipulated timeline to be eligible for the waiver.
The Corporate Tax, introduced in 2023, mandates businesses exceeding a specified income threshold to register and file returns annually.
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