The UAE’s Federal Tax Authority (FTA) has announced a deadline extension for corporate tax returns and payments for some entities.
Businesses with short tax periods ending on or before February 29, 2024, can now file their returns and make payments by December 31, 2024, the tax authority said on Sunday.
The decision applies to businesses that were formed, established or recognised on or after June 1, 2023, and have a financial year ending on or before February 29. As a result of these dates, their first corporate tax period is shorter than the usual 12-month period, the FTA said.
“Our goal is to encourage timely and accurate tax filings by offering a reasonable time frame for taxpayers to fulfil their obligations, thereby alleviating undue pressure and potential administrative penalties,” said FTA director general Khaled Al Bustani.
The UAE introduced the federal corporate tax with a standard statutory rate of 9 per cent starting from the financial year beginning on or after June 1, 2023.
It brought the income of companies exceeding Dh375,000 ($102,100) within the taxable bracket. Taxable profits below that level will be subject to a tax of zero per cent.
The Ministry of Finance also confirmed in May last year that business owners in the country would be subject to corporate tax only if their turnover in a calendar year exceeds Dh1 million, ensuring that only business or business-related activity income is taxed.
Earlier this year, the FTA urged all resident eligible commercial entities to register for corporate tax by June 30 to avoid late penalties.
Juridical persons that are subject to corporate tax with licences issued in March and April, regardless of the year of issuance, must submit their tax registration application by the deadline or face an administrative penalty of Dh10,000, the FTA said at the time.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
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Personal motto: Believe it and you can achieve it.
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Engine: Dual-motor all-wheel-drive electric
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Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
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Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
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4.35pm: Tilal Al Khalediah
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Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
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