The Federal Tax Authority (FTA) has reminded companies in the UAE to finalise their financial records, submit their Corporate Tax returns, and pay any tax due within the official deadlines to remain compliant with the law.

In a statement today, the FTA stressed that all Corporate Tax taxpayers, including exempt persons required to register, must file their returns (or annual declarations) and settle outstanding tax within nine months from the end of each tax period.

The Authority underlined that timely filing and payment are legal obligations, with non-compliance exposing businesses to fines and penalties for delays or non-submission.

To ensure smooth and accurate filing, the FTA advised companies to begin preparations early by compiling essential documents such as commercial licences, financial statements, and business activity details. Early readiness, it said, allows registrants to meet obligations “efficiently and on time.”

Highlighting its role in supporting businesses, the FTA stated that it remains committed to enhancing services in line with global best practices. Digital filing and payment can be completed via the EmaraTax platform, available 24/7, which offers “clarity, ease, and speed.”

The Authority also urged taxpayers to ensure that submissions are complete and accurate. Corporate Tax returns can be filed directly through EmaraTax or with the assistance of authorised tax agents listed on the FTA’s website.

Stakeholders seeking detailed guidance on Corporate Tax law, implementing decisions, and related regulations can access resources directly at tax.gov.ae.

In a landmark move to boost digital banking security, banks across the UAE will begin phasing out one-time passwords (OTPs) sent via SMS and email starting Friday, July 25, 2025. The transition comes in line with new directives issued by the UAE Central Bank, mandating the adoption of app-based authentication for all local and international banking transactions.

The shift will be implemented in stages, with customers required to activate app-based verification systems to continue approving transactions. The complete phase-out of SMS and email OTPs is expected by March 2026.

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The UAE Central Bank’s initiative marks a significant departure from traditional OTP delivery methods, which have increasingly become targets for cyber threats. In contrast, app-based verification offers a more secure and reliable method for transaction approvals, leveraging advanced technology to safeguard user data and banking operations.

In a major move to enhance governance and transparency in the construction and contracting sector, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued Law No. (7) of 2025 regulating contracting activities across the emirate.

The new legislation introduces a unified regulatory framework aimed at standardising contractor classification, improving oversight, and reinforcing accountability across the sector. It is designed to align with Dubai’s strategic vision for sustainable development and global best practices in urban planning and infrastructure.

Oversight Committee to Lead Sector Reform

A central provision of the law is the establishment of a new Contracting Activities Regulation and Development Committee, which a representative from Dubai Municipality will chair. The committee will include members from various government entities involved in the sector.

The committee will be tasked with:

• Approving and supervising contracting activities
• Defining regulatory responsibilities across entities
• Proposing new policies and legislative updates
• Resolving jurisdictional conflicts
• Establishing a sector-wide code of ethics
• Coordinating with public and private stakeholders

Digital Transformation of Contractor Registry

Dubai Municipality has been appointed as the lead authority to manage the sector’s transformation. It will establish and operate a fully integrated electronic platform for all contracting activities in the emirate. The platform will be linked to the existing Invest in Dubai portal and serve as the official contractor registry.

The Municipality is also responsible for:

• Issuing professional competency certificates
• Creating a code of conduct for the industry
• Classifying contractors in construction, building, and demolition
• Enforcing compliance with approved classification and operating capacity

Law Applies Across Zones, with Specific Exemptions

The law applies to all contractors operating in Dubai, including those in free zones and special development zones, such as the Dubai International Financial Centre (DIFC). However, contracting activities related to airport infrastructure and other exceptions approved by the Executive Council are excluded.

Penalties and Compliance Deadlines

The law imposes strict penalties for non-compliance:

• Fines ranging from Dh1,000 to Dh100,000
• Repeat violations may result in doubled fines up to Dh200,000
• Additional measures include license suspension, contractor downgrading, and removal from the registry

Contractors currently operating in Dubai must regularise their status within one year of the law’s implementation. This deadline may be extended by the committee for an additional year if necessary. Contractors with expiring registrations during this period can renew them by submitting a pledge to comply with the law.

Law Effective in Six Months

The new law will take effect six months after its publication in the Official Gazette, and any conflicting legislation will be annulled.

This initiative marks a significant step in reinforcing Dubai’s position as a global hub for world-class infrastructure, while ensuring higher levels of efficiency, transparency, and professionalism in the contracting industry.