Article 60 of the UAE Corporate Tax Law outlines the procedures for assessing corporate tax and imposing penalties. As new decrees and regulations are issued by the Federal Tax Authority (FTA), it is crucial for businesses to stay informed about any updates or changes.

Corporate Tax Assessment under UAE Law

Corporate tax assessment involves examining and reviewing the details of a taxpayer’s tax return for accuracy, including those from free zones. It is essential that all information submitted in the corporate tax return is precise to ensure correct tax calculations and liabilities. The assessment process follows the Tax Procedures Law and the relevant provisions set forth by the FTA.

Request for Tax Assessment by Taxable Persons

The FTA specifies conditions under which a taxpayer can request a tax assessment, in line with the UAE Corporate Tax Law. An assessment will only be considered if these conditions are met. The FTA has yet to detail these conditions or outline procedures for taxpayers to request an assessment, though the Authority itself may also initiate such requests.

Penalties for Violations of UAE Corporate Tax Law

Penalties and fines for violations of the UAE Corporate Tax Law are governed by the Tax Procedures Law. Non-compliance with tax regulations can result in various penalties, including fines and, in severe cases, imprisonment. The extent of the penalties depends on the nature of the violation, with possible fines reaching multiple times the unpaid tax amount, incarceration, or both.