Suntech Business Solutions knows the difficulties that jewellers face in the UAE. As experts in offering ERP systems for the jewellery business, we want to keep you informed about important updates, like the UAE’s corporate tax registration deadline.
The UAE’s Federal Tax Authority (FTA) has set a deadline of June 30 for all eligible businesses to register for corporate tax. Missing this deadline will result in a fine of AED 10,000 ($2,723).
Important Deadlines and Penalties
All businesses with licenses issued by UAE authorities need to complete their corporate tax registration through the EmaraTax digital platform. This applies no matter when the license was issued.
Businesses incorporated before March 1, 2024: The registration deadline is based on the month your license was issued.
Businesses incorporated after March 1, 2024: You must register within three months of your establishment.
Businesses recognized under foreign legislation but managed in the UAE: Register within three months from the end of your financial year.
Easy Registration Process
The EmaraTax platform breaks the registration process into four simple steps. We recommend checking the public clarifications issued by the FTA to ensure you meet all requirements on time.
Essential Information on Corporate
Tax Starting from the financial year beginning on or after June 1, 2023, the UAE’s corporate tax is set at 9% for corporate income exceeding AED 375,000. Income below this amount is tax-free. Only businesses with an annual turnover exceeding AED 1 million are subject to this tax, which means small businesses and individual incomes are mostly exempt.
Why Compliance Matters for Jewellers
For jewellers, following corporate tax regulations is crucial for maintaining your business’s legal standing and operations. The FTA’s focus on compliance helps create a transparent and strong economic environment.
Suntech Business Solutions Helps You Stay Compliant
Suntech Business Solutions, SUNFACET, our specialized ERP solution, is designed to help jewellers manage their finances and inventory efficiently. Our team of technology specialists and business analysts is dedicated to providing ongoing online support and customized solutions to meet your needs. SUNFACET streamlines operations, ensures compliance, and provides real-time data for better decision-making.
For more details on corporate tax registration and to start the process, visit the EmaraTax platform. If you need further assistance, our team at Suntech Business Solutions is here to help.
Contact Us
Phone: +971 55 220 1715
Email: [email protected]
Locations: UAE | KSA | India | Hong Kong
Website: www.suntech-global.com
Stay informed and compliant to avoid penalties and keep your jewellery business running smoothly. Contact us today and see how Suntech Business Solutions can help your business succeed in the jewellery market!
