According to Amac News: The government’s decision aims to reduce the tax burden on the business sector, encourage individuals and companies to meet their tax obligations, and thereby increase the UAE’s competitiveness in the field of business.
The FTA announced that the Cabinet’s decision will allow registrants to update the information in their tax records from January 1, 2024, to March 31, 2025, without incurring administrative fines for failing to inform the FTA of any items that require changes or updates.
If registrants have received a penalty between 1 January 2024 and the date of implementation of the exemption period, that penalty will be automatically cancelled and there is no need to contact the FTA.
Pursuant to Cabinet Decision No. 74 of 2023, registrants are required to notify the FTA of any changes to their information within twenty (20) working days. This information includes the name and address of the business, email address, business license activities, type of legal entity, partnership agreements for unincorporated partnerships and articles of association or equivalent, type of business and any address from which the business is carried out.
The FTA also advises those seeking further clarification to view the public information published on the exemption period for updating information in tax records through the Public Explanation Service on the FTA’s official website at https://tax.gov.ae/en/.
This service helps to inform about all technical issues related to taxes and tax obligations and provides detailed explanations to simplify these concepts so that taxpayers can easily comply with tax laws.