On 28 July 2023 MoF issued Cabinet Decision No. 75 which states the administrative penalties for corporate tax law violation starting from August 1,2023 which includes:
- Penalties applicable on taxable person, whether an individual or a legal entity, in case of failure to comply with their obligations under the UAE Corporate Tax Law.
- Penalties in case of failure of the Registrant to submit a tax return within the timeframe specified in the Corporate Tax Law.
- New structure to be introduced for voluntary disclosure penalties.
- Penalties applicable in case of failure of the Registrant to inform the FTA of any case that may require the amendment of the information pertaining to his tax record kept by the FTA.
