Abu Dhabi: The Federal Tax Authority (FTA) has declared that businesses that neglect to remit corporate tax by the due date will incur a monthly penalty of 14 percent per annum.
This penalty is applied to the amount of unpaid tax, beginning from the day following the payment deadline and continuing to accrue on the same date each month thereafter.
As per the FTA’s announcement, payments must be made no later than nine months after the conclusion of the designated tax period, as stipulated in Federal Decree-Law No. 47 of 2022 regarding Corporate Tax and its subsequent amendments.
Tax Concept is a dedicated team of financial writers, legal analysts, and tax professionals committed to breaking down complex Indian corporate updates. From real-time GST amendments and crucial Income Tax judgements to EPFO schemes and corporate law updates, TaxConcept serves as a reliable, authoritative guide for chartered accountants, businesses, and everyday taxpayers seeking absolute compliance clarity.