AB Espresso: New UAE tax fines announced

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Stay informed with the latest updates from Arabian Business. Here’s what you missed over the weekend:

The UAE has introduced fines for taxpayers failing to pay the correct corporate tax amount. The Federal Tax Authority (FTA) stated that taxpayers who miss payment deadlines will incur a monthly penalty of 14 percent per annum on the unpaid amount. The penalty is calculated from the day after the payment deadline and accrues monthly.

On the real estate front, UAE real estate developer Al Hamra has completed and handed over the Al Hamra Marina Residences in Ras Al Khaimah. The development includes the M-I East and M-I West blocks and is part of the Al Hamra Village community. This marks the first project delivery under Al Hamra’s five-year expansion plan.

In Dubai, the emirate's real estate sector recorded 2.78 million procedures in 2024, the highest in its history. These include real estate transactions and rental agreements, representing a 17 percent increase from 2023. Real estate transactions totalled 226,000, with a combined value of AED761 billion ($207.2 billion), reflecting 36 percent growth in volume and 20 percent growth in value year-on-year.

Meanwhile, the UAE approved housing support exceeding AED1 billion ($272 million) in January under the Sheikh Zayed Housing Program. Sheikh Mohammed bin Rashid Al Maktoum stated that the initiative benefited over 1,300 citizens and aligns with efforts to enhance the country’s housing system to address citizens’ needs.

In other news, Meta Platforms plans to invest $65 billion this year to expand its AI infrastructure, according to CEO Mark Zuckerberg. The company aims to strengthen its position in AI development and compete with OpenAI and Google. Meta will also increase hiring for AI roles and construct a 2-gigawatt data centre.

Until next time, Sharon Benjamin for Arabian Business

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