The Federal Tax Authority (FTA) in the UAE has urged businesses subject to Corporate Tax to submit their returns and settle their dues within the required legal timeframes.
To support voluntary tax compliance across various business sectors efficiently, the FTA issued Decision (7) of 2024 last September. This decision postpones the deadline for filing tax returns and settling Corporate Tax payments to December 31, 2024, for tax periods ending on or before February 29, 2024 (including those ending in December 2023, January 2024, or February 2024).
Importance of compliance
In a media statement, the FTA emphasized that businesses subject to Corporate Tax with tax periods concluding on or before February 29, 2024, should file their tax returns and pay their Corporate Tax dues before the end of December 2024. This will help them avoid administrative penalties for failing to comply with the legally mandated deadlines.
General filing timeline
The FTA clarified that, aside from the specified tax periods with extended deadlines, businesses must file their tax returns and pay their Corporate Tax within nine months following the end of their tax periods.
Ongoing engagement with taxpayers
Khalid Ali Al Bustani, director-general of the FTA, highlighted the significance of timely tax return submissions for each tax period. He stressed that all businesses registered for Corporate Tax are required to file their returns within the deadlines established by the FTA in accordance with Corporate Tax Law.
Al Bustani also noted that FTA representatives are actively engaging with taxable entities to gather feedback and discuss solutions to any challenges they may encounter, ensuring the smooth implementation of tax regulations without hindering their economic activities.
