The Federal Tax Authority (FTA) has reported a rise in businesses benefiting from its Corporate Tax Late Registration Penalty Waiver initiative. Taxable Persons and certain Exempt Persons who missed the registration deadline can avoid the AED 10,000 fine by submitting their Tax Return or annual declaration within seven months (instead of nine) from the end of their first tax period.

The UAE’s removal from the European Union’s list of high-risk third countries for money laundering and terrorist financing marks a strategic achievement, reinforcing global confidence in the nation’s financial system, said Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs.