Corporate Tax Fines and Penalties in UAE will be imposed on businesses that do not stay compliant with the regulations of Corporate Tax UAE. Be prepared to register for CT and complete the payments at the earliest to avoid fines and penalties.
Corporate Tax Fines & Penalties In The UAE
Corporate Tax will soon be implemented in the UAE and businesses are preparing themselves to be impacted by this transformation. However, there will be fines and penalties if one does not stay compliant with the regulations of Corporate Tax set by the Ministry of Finance and the Federal Tax Authority.
This session discusses the fines and penalties related to Corporate Tax.
CT Fines For Late Registration
Every business needs to register for Corporate Tax and obtain a Registration number. During the registration, the required documents for Corporate Tax must be properly submitted. However, not registering or delaying the registration of Corporate Tax would cause the imposition of a huge fine.
Corporate Tax Penalties For Late Return Filing
If the financial year of a business ends in April, the company must file a tax return on the 15th day of March. Not complying with the federal decree laws or late filing of tax returns will be charged a humongous fine in Dirhams.
Penalty For Late Payment of Corporate Tax
In case of a delay in paying the Corporate Tax,
- A percentage of the unpaid tax should be paid immediately, and a
- A percentage of the monthly penalty is due; one month after the due date of payment, and from the following month on the same date thereafter on the unsettled tax amount to date.
Corporate Tax Services by BMS Auditing helps you through a step-by-step process by accessing your business to implement corporate tax successfully with compliance to all the UAE Corporate Tax laws of FTA.
BMS helps you with Corporate Tax fines & penalties
It is always recommended that you pay the taxes on time as per the rules of the Ministry of Finance to avoid fines or penalties. BMS Auditing has been a great tax advisor for many businesses- startups as well as large organizations. The team has great knowledge of how to deal with fines and penalties or how to prevent such payments. The team dedicatedly offers Corporate Tax Services in Dubai, UAE to help you stay compliant with the regulations and follows up with the latest updates on Corporate Tax regulations.
Reach out to BMS Auditing Dubai for assistance on fines and penalties of Corporate Tax in the UAE.