The UAE Federal Tax Authority has set the deadlines for corporate tax registrations and urged taxable persons to register on time, to avoid tax law violations.

The earliest deadline, which will depend on the month the license was obtained, will be on May 31, 2024, and it will be applicable to those with licences received in January or February, a statement on Tuesday said.

The Ministry of Finance confirmed in a separate statement that those who will miss the deadline for registration will face an administrative penalty of AED 10,000 ($2,700).

The timeframes for registration were outlined in a new decision issued by the FTA regarding Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, which came into effect in June last year and applies to tax periods starting on or after June 1, 2023.

The new FTA decision, which takes effect next month, indicates that “a judicial person that is a resident person incorporated, established, or otherwise recognised prior to 1 March 2024” must apply to register for Corporate Tax within the prescribed timeframes:

The FTA said the year the license was issued is irrelevant.

The FTA decision stipulates that those who do not have a license by March 1, 2024 must register for corporate tax within three months, or by May 31, 2024.

(Writing by Cleofe Maceda; editing by Seban Scaria)