The UAE Federal Tax Authority (FTA) has announced the deadline for high-income earners to register for corporate tax in the country. It will be applicable for sole businesses, freelancers, and unincorporated partnerships operating in the country and earning more than Dh1 million annually through business activities.
The corporate tax registration is mandatory as part of the UAE’s efforts to diversify its economy and establish a robust tax framework. The FTA has encouraged eligible individuals to complete the process well before the deadline to avoid penalties and ensure compliance with the new tax regulations.
Experts suggest consulting tax advisors for the registration process and understanding the implications of corporate tax on business profits. The move is to standardize taxation, promote transparency, and bring the UAE in line with global tax practices.
The FTA offers online resources for registration and support service that will walk businesses through each process in question in case business people are doubtful of their suitability or the procedures. Businesses in UAE will smoothly carry out the businesses while contributing to nation’s economic growth.
