Corporate Tax Returns Filling
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Companies operating in the United Arab Emirates are required by law to file corporate tax filings; noncompliance can result in penalties and fines. Following the announcement of the UAE’s corporation tax law, businesses are getting ready to submit their corporate tax returns to the Federal Tax Authority (FTA) by the deadline.
The UAE Ministry of Finance first announced the introduction of corporate tax in January 2022, stating that it will be implemented by June 2023 or January 2024. With a headline rate of 9%, the Corporate Tax Law will take effect on June 1, 2023. A 0% rate applies to any taxable profits under AED 375,000 per year. Best practices for international taxation are incorporated into the regime.
Obtaining a Tax Registration Number and registering for Corporate Tax is mandatory for all Taxable Persons. The tax office may occasionally ask exempt individuals to register for corporate tax as well.
The topic of this seminar is UAE Corporate Tax Filing.
What is the UAE's Corporate Tax Return Filing?
In the United Arab Emirates (UAE), filing a corporate tax return entails sending a report outlining a company’s earnings and outlays to the appropriate tax body. The Taxable Person files the Corporate Tax Return, which contains information on the corporation’s tax due and payment, for a certain tax period. The Corporate Tax Law stipulates that the Tax Return must be submitted to the tax administration within a certain amount of time.
Should the Authority require any further information, a record, or a document, the taxpayer must provide it to the relevant tax authority
Does the UAE require corporate tax returns to be filed?
In the United Arab Emirates (UAE), filing corporate tax returns is required. Companies operating in the United Arab Emirates (UAE) are required by the Federal Tax Authority (FTA) to file tax returns and pay taxes on their taxable revenue in accordance with UAE tax legislation. However, enterprises with incomes under AED 375,000 will only be subject to 0% tax.
Both domestic and foreign businesses doing business in the UAE are subject to the tax rules, which carry penalties and fines for noncompliance.
Should companies in the UAE who don’t make any money file CT returns? Regardless of the size of the business or the taxpayer’s income, a corporate tax return must be filed.
Do entities in Free Zones need to file Corporate Tax Returns?
In the UAE, individuals who are in free zones must also pay corporate tax. Therefore, regardless of whether they are Qualifying Free Zone individuals or not, all Free Zone firms will need to file a Corporate Tax report.
How frequently should UAE businesses file their corporate tax returns?
Corporate tax returns for UAE businesses must be filed just once during the tax year. It appears that the CT return is due nine months after the end of the Tax Period. Furthermore, there’s no need for preliminary or advance corporation tax filings.
What is the UAE deadline for filing corporate tax returns?
Companies in the United Arab Emirates (UAE) have nine months from the end of the applicable tax period to file their tax return and pay the Federal Tax Authority (FTA) the Corporate Tax. A corporation whose first tax period begins on June 1, 2023, for instance, has until February 28, 2025 to meet this deadline; in contrast, a company whose first tax period begins on January 1, 2024, has until September 30, 2025.
This action is a result of the UAE’s commitment to making sure that corporate tax law is implemented correctly. One tax return for the group, the option to combine the amount of group tax paid, and the possibility of some companies having a taxable profit and others perhaps having a tax loss are among the advantages of submitting corporate tax returns.
How Do I File a UAE Corporate Tax Return?
Corporate tax returns can be electronically filed via the EmaraTax website. For certain entities, the FTA currently authorises the pre-registration of corporation tax. If so, you can use EmaraTax to register for corporation tax. Not yet registered for an EmaraTax account? This is a tutorial on how to register and log into EmaraTax. In order to restructure the user experience, EmaraTax combined with UAE PASS and the UAE Central Bank.
The UAE's Process for Filing Corporate Tax Returns
Fill all the necessary forms and submit them to the Federal Tax Authority (FTA) to receive a tax registration number.
In compliance with UAE tax regulations, keep accurate records of all financial transactions and tax-related paperwork.
Determine your taxable income and, in accordance with UAE tax regulations, produce a tax return using the information you have kept on file, accounting for any tax deductions and exemptions.
On or before the deadline, submit your tax return to the FTA via their online portal, e-Services.
Pay the amount owed in accordance with the tax return that was submitted by the deadline.
To confirm the accuracy of the filed tax return, the FTA may ask for further information or documentation in the event of a tax audit.
We can support you with the entire process of completing your UAE corporate tax return, including helping you determine and calculate your tax liability for corporate tax.
Components of Services for Filing Corporate Tax Returns
Details concerning the company’s earnings and outlays must be included in your Corporate Tax Return. The tax amount that must be paid to the government is assessed in the outcome.
The following are the fundamental records needed to file corporate tax returns:
- Monetary documentation
- Calculations of taxable income that illustrate variations in the accounting net result
- Documents and Strategies for Tax Devaluation
- Records of Transfer Pricing
- Details of transactions involving family members Movement of Provisions
To maximise tax claims, the tax specialists and experts at SS&CO make sure company tax returns are prepared accurately and shielded from audit risk.
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Mian Ahmad Farhan
- Partner Audit & Assurance Services
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