Corporate tax return filing
Corporate tax return filing is a mandatory obligation for businesses operating in the UAE, and the consequences of failing to comply with this requirement can include significant penalties and fines. The UAE’s corporate tax legislation has been announced, prompting companies to prepare for the timely submission of their corporate tax returns to the Federal Tax Authority (FTA).
Introduced by the Ministry of Finance, UAE, corporate tax legislation is set to be implemented either by June 2023 or by January 2024. Effective from June 1, 2023, the corporate tax law establishes a headline rate of 9%, with an exemption for annual taxable profits below AED 375,000. This legislation integrates internationally recognized best practices in taxation.
Under this framework, every taxable entity must register for corporate tax and obtain a unique Tax Registration Number. Additionally, there are cases where exempt entities may also be required to register for corporate tax. This discussion delves into the corporate tax filing process in the UAE.This discussion delves into the corporate tax filing process in the UAE, aided by expert Corporate Tax Services in Dubai.
