UAE corporate tax
This measure allows updates without penalties for failing to notify the FTA
World Bank expects the UAE's inflation to reach 2.2 percent this year and decline to approximately 2.1 percent through 2025-2026
The extension applies to short Tax Periods that conclude on or before February 29, 2024
The FTA noted that an administrative penalty will be levied on taxable persons who fail to comply
The Corporate Tax Law applies to tax periods commencing on or after June 1, 2023
The company's taxis and limousines completed 23 million trips, up 4 percent compared to H1 of 2023
Small business relief rules require small businesses to register under corporate tax and use simpler tax filing procedures
If a natural person's turnover does not exceed AED1 million, they are not required to register for corporate tax
Excluding the corporate tax impact, net profit saw a robust 13 percent year-on-year increase to $165 million
Failure to comply with the deadlines could result in administrative penalties