FTA: File tax returns on time or face fines

The Federal Tax Authority (FTA) has reminded companies in the UAE of the need to submit corporate tax returns and pay any tax due within the set deadlines to avoid penalties.

- BY JUSTIN VARGHESE Your Money Editor

The authority said all taxable businesses, and exempt entities that are still required to register, must file their tax returns — or annual declarations in the case of exempt registrants — and settle corporate tax within nine months of the end of their tax period or financial year.

The FTA warned that delays in filing or payment will attract fines.

■Dh500 per month for the first 12 months of delay.