If you’ve been hit with a corporate tax penalty for late registration, time is running out to take advantage of the FTA’s penalty waiver initiative. Our team of tax experts can guide you through the process, ensuring you avoid fines or get a refund on paid penalties.
This initiative applies to:
To get your penalty waived or refunded, you must:
Time is running out! Ensure compliance and avoid unnecessary fines.
The taxpayer successfully completed the registration process and was issued a penalty for late registration, which remains unpaid. The tax return was submitted within seven (7) months from the end of the first tax period. Outcome: The penalty will be waived.
The taxpayer completed the registration and received a late registration penalty that has not yet been paid. However, the tax return for the first tax period has not been submitted. Outcome: To qualify for the penalty waiver, the taxpayer must submit the tax return or annual declaration within seven (7) months from the end of the first tax period.
The taxpayer completed the registration and has already paid the penalty for late registration. However, the tax return for the first tax period is still pending.
Outcome: If the taxpayer submits the tax return or annual declaration within seven (7) months from the end of the first tax period, the penalty amount paid will be refunded to their tax account.
The taxpayer completed the registration, paid the late registration penalty, and submitted the tax return within seven (7) months from the end of the first tax period.
Outcome: The penalty amount will be refunded to the taxpayer’s tax account.
The taxpayer has not yet submitted a corporate tax registration application.
Outcome: The taxpayer must complete the registration and submit the tax return or annual declaration within seven (7) months from the end of the first tax period. If a penalty is imposed, it will be waived upon timely submission.
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(Don’t risk missing these FTA concessions – act now before deadlines expire!)
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