New UAE companies to apply by May 31, says FTA - GulfToday

New UAE companies to apply by May 31, says FTA

FTA

The photo has been used for illustrative purposes.

The Federal Tax Authority (FTA) has called on resident juridical persons who are taxable persons for Corporate Tax purposes with licences issued in January and February (regardless of the year of issuance) to submit their Corporate Tax registration applications no later than 31st May 2024, to avoid violating the tax law.

In a press statement issued today, the Authority stressed the importance of submitting Corporate Tax registration applications within the time frames specified in FTA Decision No.3 of 2024, which came into effect from 1st March 2024, taking into consideration that Cabinet Decision No. 10 of 2024 issued an administrative penalty on the taxable person who has not submitted a registration application within the prescribed timeline.

Therefore, Administrative Penalties shall be applied to the taxable person who does not comply with the requirements to submit Corporate Tax registration applications before the specified deadlines for each category of Corporate taxable persons. The decision defines deadlines for applying to register for Corporate Tax for both juridical and natural persons, whether they are residents or non-residents.

The FTA has called on all stakeholders involved in implementing the Corporate Tax Law to review the law, along with all relevant guides published on the FTA’s website and all associated decisions., through the following link: https://tax.gov.ae/en/default.aspx

The FTA reiterated that Corporate Tax registration is available at all times through the EmaraTax digital tax services platform. It noted that the registration process involves four steps that take approximately 30 minutes. To further ease the registration process, taxable persons already registered for Value Added Tax (VAT) or Excise Tax can access their accounts on EmaraTax, complete the Corporate Tax registration request, and submit the required documents. Once the registration request is approved, applicants will be issued a Tax Registration Number (TRN) for Corporate Tax purposes.

The FTA emphasised that unregistered taxable persons subject to Corporate Tax must create a new user profile. New users can access the EmaraTax platform on the FTA’s e-Services portal at https://eservices.tax.gov.ae/, where they can create an account using their email address and phone number. Once the user profile is created, they can proceed with registration by identifying the taxpayer, selecting the “Corporate Tax registration” option, and easily completing the registration process.

The FTA enables taxable persons to submit Corporate Tax registration requests through multiple Government Service Centres across the UAE, where specialists can assist them. These centres offer electronic services that meet government standards and are managed by trained and qualified staff to ensure quality service delivery.

Once the application processes are completed and the accuracy of the data entered electronically at the service centre is verified, the FTA officers will review the applications. The applicant receives their Tax Registration Number (TRN) via the email listed in the application they submitted for Corporate Tax registration.

Meanwhile, AIM Congress, the pinnacle gathering for global investment leaders, is poised to welcome an elite roster of top-tier investors to its esteemed platform. Set to take place from May 7th to May 9th, 2024, in Abu Dhabi, United Arab Emirates, AIM Congress 2024 stands as a beacon for harnessing new potential in the ever-evolving global economic landscape.

With the theme “Adapting to a Shifting Investment Landscape: Harnessing New Potential for Global Economic Development,” the 2024 AIM Congress boasts an impressive lineup of participants, including over 25 government ministers, 45 city mayors, 12 central bank governors, 900+ speakers, 450 dialogue sessions, 7 high-level roundtable meetings, 9 global stock markets, 50+ unicorns, and more than 12,000 delegates representing 175 countries worldwide, in 27 joint events organized in cooperation with 304+ international and global partners. Among these luminaries are some of the most influential investors shaping the global investment landscape.Among the esteemed investors scheduled to attend are the following.1. Mr. Kiho Park - CEO, LB Investment (Korea)2. Mr. Jaehwan Lee - General Counsel, MUSINSA3. Mr. Jeffrey Li - Vice President, Tencent4. Mr. Yu Huijiao - Chairman, YTO Express Group5. Yung Chin - Chairman, FUWAH International Group6. Guo Rong Ding - Executive Vice President, Silk Road Fund7. Yuan Jianmin - Chairman, CEM8.

WAM

 

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