ABU DHABI: The Ministry of Finance today announced the issuance of Cabinet Decision No. 10 of 2024, amending the schedule of violations and administrative penalties of Cabinet Decision No. 75 of 2023 on the administrative penalties for violations related to the application of Federal Decree-Law No. 47 of 2022 on the taxation of corporations and businesses.

Cabinet Decision No.10 of 2024 will come into effect on 1st March 2024.

The Ministry stated that an administrative penalty of AED10,000 for late registration of Corporate Tax will be imposed on businesses that do not submit their Corporate Tax registration applications within the timelines specified by the Federal Tax Authority.

The penalty was implemented to prompt taxpayer compliance with tax laws through timely corporate tax registration, with the penalty amount matching those for late excise and value added tax registration.

Source: Emirates News Agency