The UAE has announced fines for taxpayers who fail to pay correct corporate tax amount.
The Federal Tax Authority (FTA) clarified that taxpayers failing to pay the due corporate tax for each month or part thereof shall be subject to a monthly penalty of 14 per cent per annum.
This penalty is imposed on the unpaid tax amount and is calculated from the day following the payment deadline, accruing on the same date each subsequent month.
UAE tax fines
The FTA said that for the purposes of this penalty, the due date is no later than nine months after the end of the relevant tax period, in accordance with Federal Decree-Law No. 47 of 2022 on Corporate Tax and its subsequent amendments.
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