Corporate Tax Deadline in UAE

Meeting the UAE Corporate Tax Deadline: A Guide for Businesses Attention Businesses in the UAE: A Crucial Deadline Approaches The implementation of corporate tax in the UAE marks a significant change for businesses operating in the region. As this new system takes effect, staying informed and compliant is essential. This article serves as a guide for businesses, particularly those established before March 1, 2024, to ensure they meet the upcoming corporate tax registration deadline. The Looming Deadline: May 31st, 2024 For companies whose trade licenses were issued between January 1st and February 29th, 2024 (regardless of the year), a critical deadline is fast approaching. May 31st, 2024, marks the mandatory registration date for corporate tax. Failing to register by this date can lead to penalties, so taking proactive steps is crucial. Navigating the Registration Process Here’s a breakdown of the steps to ensure your company’s timely registration: License Issuance Date Verification: The first step is to confirm your company’s trade license issuance date. If it falls within the January-February window mentioned earlier, registration is mandatory. Document Gathering: Prepare the necessary documents for registration. This typically includes your trade license, financial statements, and any other relevant information required by the Federal Tax Authority (FTA). Registration Submission: Once all documents are assembled, proceed with submitting your corporate tax registration application. The FTA website provides online registration channels. However, if you require assistance or encounter any difficulties, seeking professional guidance is recommended. Maintaining Compliance: Registration is just the beginning. Businesses must maintain ongoing compliance with UAE tax regulations. This includes meticulous record-keeping, timely filing of tax returns, and staying updated on any changes to the tax regime. Benefits of Seeking Professional Help The complexities of corporate taxation can be daunting, especially for businesses unfamiliar with the new system. Partnering with a qualified tax advisor can offer invaluable benefits. Experienced professionals can ensure a smooth registration process, guide you through compliance requirements, and provide ongoing support to navigate the evolving tax landscape. Conclusion: Taking Action Now Ensures Peace of Mind By following these steps and considering professional assistance, businesses can confidently approach the May 31st deadline. Avoiding potential penalties and ensuring long-term compliance is key to financial security in the new corporate tax environment. Remember, staying informed and proactive is crucial for businesses operating in the UAE. Don’t wait until it’s too late. Contact Square International Auditing and Advisory today to secure your company’s financial future in the UAE.

UAE announced mandatory health insurance for private sector employees from 2025

UAE Announced Mandatory Health Insurance for Private Sector Employees from 2025 The United Arab Emirates (UAE) has recently made a significant announcement regarding mandatory health insurance for private sector employees, set to be implemented from the beginning of 2025. Under this new regulation, employers will be obligated to provide health coverage for their registered workers upon issuance or renewal of residency permits. This decision, endorsed by the UAE Cabinet, extends the existing mandatory health insurance framework in Abu Dhabi and Dubai to encompass the entire country. Notably, the scheme will also cover domestic workers, with their employers responsible for bearing the associated costs. The initiative underscores the government’s commitment to ensuring access to quality healthcare for the sizable private sector workforce across the UAE. Recognizing the importance of effective implementation, the Ministry of Human Resources and Emiratisation (MoHRE) will conduct awareness campaigns and programs. This latest development follows another significant mandate introduced last year, wherein workers were required to subscribe to a scheme safeguarding them against job loss. Presently, over 7.2 million employees from both the private and federal government sectors are enrolled in this program. During the Cabinet meeting, Sheikh Mohammed bin Rashid, Vice-President and Prime Minister of the UAE, emphasized the government’s dedication to protecting workers’ rights and maintaining the stability of the labor market. He highlighted the success of the Workers’ Protection Programme, which covers nearly 98.8% of the workforce and safeguards their wages and other entitlements in cases of employer bankruptcy. In addition to the healthcare initiative, the Cabinet approved a new structure for the MoHRE, including the establishment of a coordinating council for the labor market. These measures aim to enhance the competitiveness of the UAE’s economy by addressing workforce concerns and advancing national economic goals.