Compliance with CBCR requirements is essential for any UAE entity fulfilling the eligibility conditions. If the applicable entities do not comply with the requirements, the government levies a penalty on them. The various penalties are:
If the UPE fails to submit the CBCR notification before the deadlines, it has to pay an administrative penalty of AED1.0 million. If the entity still fails to submit the notification, a per-day penalty of AED10,000.0 is imposed, up to a maximum of AED250,000.0.
If the reporting entity fails to submit the CBC report before the deadlines, it has to pay an administrative penalty of AED1.0 million. If the entity still fails to submit the report, a per-day penalty of AED10,000.0 is imposed, up to a maximum of AED250,000.0.
If the reporting entity fails to maintain the records and documents for at least five years after the reporting to the Competent Authority, the administrative penalty amount is AED100,000.0.
If the reporting entity fails to provide the relevant information as requested to the Competent Authority, the penalty amount is AED100,000.0.
If the reporting entity provides inaccurate or incomplete information, the penalty amount is AED50,000.0 to a maximum of AED500,000.0.