Munyao Muthama & Kashindi I MMK’s Post

🏛️ 𝐂𝐡𝐚𝐩𝐭𝐞𝐫 𝟏𝟔 – 𝐀𝐝𝐦𝐢𝐧𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐯𝐞 𝐏𝐞𝐧𝐚𝐥𝐭𝐢𝐞𝐬 🏛️ • 𝐀𝐫𝐭𝐢𝐜𝐥𝐞 𝟓𝟓 – 𝐀𝐝𝐦𝐢𝐧𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐯𝐞 𝐏𝐞𝐧𝐚𝐥𝐭𝐢𝐞𝐬 The Federal Tax Authority (FTA) may impose administrative penalties on a person who: 1. Fails to apply for tax registration within the time limit specified in the law. 2. Fails to notify the FTA of any change in the information submitted for tax registration. 3. Fails to submit a tax return within the prescribed timeframe. 4. Fails to settle the tax due within the timeframe specified in the law. 5. Violates any other provision of the Corporate Tax Law or Executive Regulations. • 𝐀𝐫𝐭𝐢𝐜𝐥𝐞 𝟓𝟔 – 𝐏𝐫𝐨𝐜𝐞𝐝𝐮𝐫𝐞𝐬 𝐟𝐨𝐫 𝐈𝐦𝐩𝐨𝐬𝐢𝐧𝐠 𝐀𝐝𝐦𝐢𝐧𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐯𝐞 𝐏𝐞𝐧𝐚𝐥𝐭𝐢𝐞𝐬 The FTA must notify the taxable person of the violation and the administrative penalty. 1. The taxable person has the right to object to the administrative penalty within 20 business days from the date of notification. 2. The FTA will review the objection and notify the taxable person of its decision within 20 business days from the date of receiving the objection. • 𝐀𝐫𝐭𝐢𝐜𝐥𝐞 𝟓𝟕 – 𝐂𝐨𝐥𝐥𝐞𝐜𝐭𝐢𝐨𝐧 𝐨𝐟 𝐀𝐝𝐦𝐢𝐧𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐯𝐞 𝐏𝐞𝐧𝐚𝐥𝐭𝐢𝐞𝐬 Administrative penalties are payable within 20 business days from the date of notification. 1. If the taxable person fails to pay the administrative penalty within the specified timeframe, the FTA may take necessary measures to collect the penalty, including but not limited to, freezing the taxable person’s assets. • 𝐍𝐨𝐭𝐞𝐬: 1. Administrative penalties serve as a deterrent to ensure compliance with the Corporate Tax Law. 2. The taxable person is entitled to a fair process, including the right to object to the penalties imposed. 3. Timely payment of administrative penalties is crucial to avoid additional measures by the FTA. 🌟 𝐒𝐭𝐚𝐲 𝐭𝐮𝐧𝐞𝐝 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐮𝐩𝐝𝐚𝐭𝐞𝐬 𝐚𝐧𝐝 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐨𝐧 𝐔𝐀𝐄 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐓𝐚𝐱 🌟 #UAE #CorporateTax #TaxLaw #Business #INDGeniusAccounting

The latest quarterly edition of BDO Global’s Corporate Tax News is ready to read! #BDOGlobal #CorporateTax

CITN Advises New Tax Practitioners To Uphold Ethical Standards

#PolishTaxNews Consultations on the draft law to implement EU regulations on 15% effective taxation for corporations have concluded. The new regulations will come into effect from 2025, with a 12-month delay. Read more below ⬇️

In February’s #EY Tax and Legal News you can read, among other things, about common areas of tax audits, developments in the area of concurrent functions, limits on the non-taxation of income related to non-deductible expenses, and the sad tale of a strict perspective on tax avoidance. #EYCeskarepublika #EYTax #EYLaw

In February’s #EY Tax and Legal News you can read, among other things, about common areas of tax audits, developments in the area of concurrent functions, limits on the non-taxation of income related to non-deductible expenses, and the sad tale of a strict perspective on tax avoidance. #EYCeskarepublika #EYTax #EYLaw

The May 2024 issue of BDO Global’s Corporate Tax News is ready to read!

The February issue of BDO Global’s Corporate Tax News is ready to read!

To start the year off on the right foot, our Partner Tiago Vilhena has put together a breakdown of the Macau corporate tax filings for 2024, highlighting the deadlines and requirements you should be aware of. Read more: https://lnkd.in/g4ieG2Xm #MdME #LegalUpdate

Tax Law Highlights | Brazilian Tax Reform and Expectations for Its Regulation (via JD Supra): https://ow.ly/qa9b50Ra65u #taxlaw #taxreform #brazil #wealthmanagement #privatewealth #jdsupra