UAE firms begin to get late tax penalty refunds

They're particularly helpful to small businesses where every dirham counts

- BY MANOJ NAIR Business Editor

There's good news for UAE companies that missed their corporate tax registration deadlines and were fined: they are now starting to get those fines refunded directly into their tax accounts.

In May, the Federal Tax Authority (FTA) announced that penalties for late corporate tax registration will be automatically waived or refunded if businesses submit their tax returns within seven months after their first tax period ended.

The late registration fine is Dh10,000.