The Federal Tax Authority (FTA) has urged businesses that have yet to update their tax records to take advantage of an extended grace period, allowing them to submit their details by March 31, 2025, without incurring administrative penalties.

In a statement issued Thursday, the FTA reminded registrants that, under the Executive Regulations of the Federal Decree-Law on Tax Procedures, businesses must notify the authority of any changes to their registered information within penalties. Failure to do so may result in penalties.

The required updates include key business details such as company name and address, trade license activities, legal entity type, partnership agreements for unincorporated entities, and articles of association or equivalent documentation.

To support compliance, the UAE Cabinet has introduced a grace period that allows businesses to update their records without facing penalties. Any fines incurred during this period for late updates will be waived and reimbursed.

The FTA emphasised that the initiative aims to support businesses, simplify tax compliance, and contribute to economic growth. Registrants seeking further details can refer to the public clarification available on the FTA’s official website.

(Source: Wam)

ISEZA is set to be the UAE’s first dedicated sports and entertainment business cluster within the Free Zone environment.

It will serve as an industry-focused business hub facilitating licensing for distinct sports and entertainment business activities, fostering a unique collaborative ecosystem to support and accelerate the industry’s growth.

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Dubai’s sports industry contributes approximately $2.5 billion annually to the Emirates’s economy. The UAE has also been a pioneer in Economic Zones development, with over 40 Free Zones focusing on various industries. ISEZA will serve as a dedicated hub to support the thriving sports and entertainment business sector in the UAE and the wider Middle East.

The Zone will provide a unified platform for licensing businesses across established sectors, such as sports management and marketing, event management, talent representation and media and broadcasting, while also supporting growth in emerging areas like e-sports, AI-driven sports tech, fan tokens. The Zone will be home to a diverse range of industry players including global brands, sports leagues and franchises, rights owners and investors, sports and talent agencies, artists, sports and media personalities, social media influencers and creative industries professionals.

ISEZA will offer comprehensive corporate and legal support tailored to its members, working closely with key UAE authorities, such as the UAE Ministry of Sports, Dubai Sports Council, UAE National Olympic Community, and others.

Khaled AlFahim, Vice President of Asset & Investment Management at Dubai World Trade Centre, emphasised DWTC’s long-standing legacy in hosting major sporting events and live entertainment. He stated, “The launch of ISEZA within the DWTC Free Zone will foster a dynamic ecosystem, empowering sports and entertainment businesses, startups, and entrepreneurs to thrive. ISEZA members will benefit from our award-winning Free Zone’s prime location in the heart of the city’s business district, streamlined business setup, and access to valuable networking opportunities through our diverse events and exhibitions calendar. By attracting sports and entertainment-focused businesses, we are reinforcing Dubai’s status as a global business hub and contributing to the growth of the sports sector in alignment with the Dubai Economic Agenda (D33).”

The Zone will also attract international and regional sports organizations, such as sports federations, associations and leagues, both in established and emerging sports. With its exceptional global connectivity, world-class infrastructure, investor-friendly policies and favourable tax regime, Dubai offers a strong competitive advantage for hosting global sports organizations.

ISEZA CEO, Mr. Damir Valeev, added “Our project is aligned with Dubai’s strategic vision of being a global destination for sports, entertainment and tourism. This initiative will have a major social impact creating a unique environment for hosting sports exhibitions, museums, academic programs and community projects in Dubai World Trade Centre and Dubai Expo areas. Driven by the UAE’s vision of business development with higher social impact, we believe it will further contribute to the promotion of active sports and healthy lifestyle in the UAE overall”.

Located in One Central, in Dubai’s dynamic business district, next to the Dubai Museum of the Future, ISEZA will shape the future of sports & entertainment industry growth in the years to come and will become a new center of gravity for the industry entrepreneurs, professionals, enthusiasts, and talents.

If you’re running a business in the UAE, there’s a new rule you’ll want to know about. In a major move to keep the market fair and open for everyone, the UAE has introduced new competition regulations aimed at preventing monopolies and making sure no single company dominates an industry.

“This is an important step because of the maturity of our market,” said Abdullah Ahmed Al Saleh, Undersecretary of the Ministry during a media roundtable.

Under the Regulation of Competition federal law, any business that controls more than 40 per cent of total sales in its sector or earns over Dh300 million in revenue per year will now have to notify regulators. The idea? To stop companies from getting too big and blocking out competition, ensuring a level playing field for all businesses — big or small.

So, What Happens If a Company Hits That 40% Mark?

Once a company reports its dominant position, the Ministry of Economy has 90 days to review the case (with a possible extension of 45 days). If regulators reject the request, the company can’t move forward with business expansions, mergers, or acquisitions.

To avoid hitting roadblocks, businesses can also submit proposals to show they’re taking steps to prevent unfair competition.

Are There Any Exceptions?

“Exceptions are allowed on some conditions,” said Al Saleh. 

“One is, if the industry is owned totally by the government or if a company has a declaration from the government that this company will be exempted from the law.”

Any company which falls into a sector that has specific laws will also be exempted.  “For example, if we are talking about telecommunication, then TDRA will be the regulatory authority to implement the anti-competition in that industry,” he said. 

“In the absence of a specific sectoral law, this law will be implemented in coordination with the Ministry of Economy.”

Why Now?

“We first introduced an anti-competition law in 2012, but some sectors were excluded. Now, all industries are covered. Plus, we needed to keep up with advancements in technology and the digital economy,” Al Saleh said.

By setting clear limits on market dominance, the UAE hopes to create a more balanced business environment where startups and new businesses have a fair shot at success.

With over 1.1 million companies and economic institutions in the UAE, this law is expected to shake up the market—making it fairer, more competitive, and more welcoming for new players.

So, if you’re running a business in the UAE, it’s time to pay attention to these new rules—because fair competition just became the new normal!

(Inputs from Khaleej Times)