Relief for New Businesses: Extended Deadline for 2024 UAE Corporate Tax Filing

Great news for entrepreneurs! The Federal Tax Authority (FTA) has extended the deadline for filing your first corporate tax return and making any required payments. This is especially true for newly founded businesses.

Who qualifies for the extension?

This extension applies to your business if it fits both of the following criteria:

1. Established Recently: Your company was formed, established, or recognized under UAE legislation on or after June 1, 2023.
2. Short Tax Period: Your first tax period, which normally lasts 12 months, concluded on or before February 29, 2024. This could be the case if your business began operations between June and February.

What does the extension indicate?

Instead of the previous deadline, you now have until December 31st, 2024, to:

• Fill out your corporation tax return: This is required by Article 53 of the Federal Decree-Law No. 47 of 2022.
• Pay any company taxes owed: This applies to any taxes that your company owes under Article 48 of the same statute.

Why the extension?

The FTA recognizes that beginning a new business is a hectic period. This extension allows you more time to organize your financial records and ensure compliance with UAE corporate tax requirements.

Should you take advantage of the extension?

Absolutely! This extra time allows you to:

• Review your finances thoroughly: Ensure you have accurate records and calculations before filing your tax return.
• Seek professional guidance (optional): Consider consulting a tax advisor or accountant who can help you navigate the filing process and maximize any tax benefits available to your business.

Staying Compliant with Corporate Tax

Emirates Express encourages all businesses to stay informed about the latest updates on UAE corporate tax. Here are some resources to help:

• Federal Tax Authority (FTA) website: https://tax.gov.ae/en/
• Emirates Express Tax Consultancy Services: We offer comprehensive tax services to help you navigate the complexities of filing and ensure complete compliance.

Contact Us Today

For expert guidance on filing your corporate tax return or any other tax-related inquiries, visit our website at www.emiratesebcs.com. Our team of experienced tax consultants can assist you in achieving optimal tax compliance and maximizing your business growth potential.