Corporate Tax Assessment
A Cheat Sheet for Corporate Tax Return Filing
Corporate Tax Assessment
A Cheat Sheet for Corporate Tax Return Filing
Corporate Guide
Your Guide for Corporate Tax Return Filing 2024
Corporate Tax Return Format Issued by F.T.A.
- Outlines the format of the Corporate Tax return.
- Lists the necessary documents for compliance.
SS&CO Strategic Tax Framework
Corporate Tax Assessment &
Implementation
Corporate Tax Optimization
Corporate Tax Related
Complications
Legal Structure
Tax
Tax Deductions & Allowances
Tax Credits & Incentives
Related Party
Transactions
Tax Compliance & Reporting
Introduction to Corporate Tax
(Federal Decree-Law No. 47 of 2022)
Effective from 01 June 2023, this tax applies to businesses operating in the UAE, making it an essential aspect of fiscal planning and compliance for companies of all sizes.
Corporate Tax rate @ 9% is applicable on TAXABLE INCOME exceeding the amount of 370,000 AED.
CT will be payable on the accounting net profit reported in the financial statements of the business, with minimal exceptions and adjustments.
Steps To Take to comply with UAE Corporate Tax
Corporate Tax Return Filing & Payment:
- The business entities must file Corporate Tax Return annually within nine months from the end of the relevant tax period
- In case of Tax liability, it must be paid along with the tax return submission to avoid penalties.
Corporate Tax Return
- Entity Name:
- Applicant Name:
- Corporate Tax TRN:
- Application Reference No:
- Submission Date & Time:
- Application Status:
- Downloaded Date & Time:
Step 1: Taxpayer Information
Election Schedule
The Federal Tax Authority has provided election schedule as mentioned below for filing of Tax Return for the relevant tax period.
SS&Co Tax Saving Tips
1: Legal Restructuring Advise
2: Assessment of Tax Reliefs available
3:Tax Reliefs related Documentation
Step2: Election
Refer to Annexure A for further details of CT regulations Applicable for Step 2
1.Small Business Relief Guide – EN – 29 08 2023
2.Article 20 of Decree-law No. 47 of 2022 and Ministerial Decision 134 of 2023 – Applicable Accounting Standards
3.Ministerial Decision No. 120 of 2023 – Adjustments Under the Transitional Rules
4.Ministerial Decision No. 132 of 2023 – Transfers Within a Qualifying Group
5.Ministerial Decision No. 133 of 2023 – On Business Restructuring Relief
Step 3: Schedule of Accounting
SS&Co Tax Saving Tips
1: Amend Contracts to make expenses
Tax allowable
2: Implement Tax Controls to minimize the
Gap
3: Align the business Processes ( IT
applications) to record
CT regulations Applicable for Step 3
Step 4: Tax
SS&Co Tax Saving Tips
1: Understand Qualifying Income
2: Amend Transaction flow among
countries to Optimize Tax Rate
3: Apply for Dividends Income
Qualification for Holding Co and
Others
SS&Co Tax Saving Tips
1: Identify all Applicable Tax Reliefs to
Businesses
2: Produce Cashflow Impact of Tax
Relief
3: Apply for Elections with FTA
CT regulations Applicable for Step 4
- All relevant Regulations mentioned in Step 2 and Annexure
- Dividends and Participation Exemption – Corporate Tax Guide – CTGEXI1
SS&Co Tax Saving Tips
1: To Identify Related and Connected
Parties
2: Get Prepared the Transfer Pricing
Policies inclusive of Benchmarking
etc
3: Communicate to team to apply and
keep documentation rea
- Ministerial Decision No. 126 of 2023 and Article 33 of Decree-Law No. 47 of 2022 (Refer to Annexure A for further details
- Transfer Pricing Guide – CTGTP1 for Related Parties and Connected Person Transactions (Refer to Annexure A for further details)
Step 5: Additional Information
Step 6: Declaration
Annexure-A
Taxable Person may elect of the below mentioned information while filing its Tax Return for the relevant tax period..
Annexure-B
In preparing financial statements and tax returns under the UAE Corporate Tax regime, companies must calculate taxable
income in alignment with International Financial Reporting Standards (IFRS). This requires reporting financial metrics like
revenue, expenses (including a breakdown of costs like salaries, depreciation, amortization, and interest), EBITDA, and net
profit or loss before tax in accordance with IFRS principles. The primary objectives of IFRS are to ensure consistency,
transparency, and comparability in financial reporting, which also enhances compliance with the UAE’s Corporate Tax rules.
Key Points Under IFRS for UAE Corporate Tax:
How SS&Co an Help?
Corporate Tax Assessment and Implementation
Activities
Deliverables
Issue the report on tax implication and recommendations at each stage based on the available
information and advice client during implementation process
Duration
Subject to the timing of issuance of relevant laws from Authorities, each activity will be performed independently.
Ideal duration for each activity is 1-2 weeks
How SS&Co Can Help?
SS&Co provides comprehensive corporate tax support, including pre- and post-implementation assessments, tax
registration, and compliance. We help optimize tax structures, upgrade accounting systems, and train employees on new
regulations.
Our expert team offers tailored guidance based on your industry, ensuring ongoing compliance and addressing any concerns
during tax filing and reporting.
Our distinguished Clients
Meet the Expert
Mubashir Islam, ACCA
Senior Manager • Tax and Financial Advisory
mubashir@sscoglobal.com
+971 50 262 0170
Sikandar Ali, ACA
Tax Compliance Manager
