The UAE Corporate Tax Return Filing
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A business must prepare and submit one UAE Corporate Tax return for each tax period, together with any appropriate supplemental schedules. Companies in the UAE wouldn’t be required to file a provisional Corporation Tax return or pay advance corporation tax.
Speak with Corporate Tax Consultants in Dubai to understand more about administrative requirements. Businesses also need to fulfill the following requirements:
1. All Taxable Persons (including Free Zone Persons) must register for company tax and get a corporate tax registration number.
2. The Federal Tax Authority may also force some Exempt Persons to register for Corporate Tax.
3. Taxable persons shall file a Corporate Tax return for each Tax Period within nine months of the end of the applicable period. Typically, all corporation taxes must be paid by the same deadline for the tax period for which a return is submitted.
Get ready to file your corporate tax return with a Dubai tax consultant.
Taxable Income Calculation as Per the UAE Corporate Tax News
The accounting net profit (or loss) position in the financial statements will be used to determine the amount of income that is subject to taxation under UAE corporate tax law. Corporate tax assessment will be based on IFRS standards.
To compensate and lower compliance costs for taxpayers like start-ups and SMEs, the UAE corporate tax law would allow enterprises to adopt alternative financial reporting standards to calculate taxable revenue. To precisely calculate taxable income, it is advisable to hire the top corporate tax advisers in the UAE.
Also, Read About Jaxa Is Now An FTA-Approved Tax Consultant in Dubai.
What Types of Organizations Are Exempt from the Corporate Tax in the UAE?
To find out if they are excluded from the corporation tax framework, businesses can speak with corporate tax specialists in the UAE. The following people are exempt from company taxation in the UAE:
- The Federal Government of the Emirates and the Governments of the Emirates, as well as their agencies, governing bodies, and public organizations
- Firms in the UAE that are fully owned by the government carry out a mandated or sovereign activity and are listed in a cabinet decision
- Companies that collect and use natural resources in the United Arab Emirates that are subject to Emirate-level taxation
- Public benefit institutions and charities included in a Cabinet Decision
- Public and regulated private retirement and social security funds
- Subject to a number of restrictions is investment funds.
What Kind of Entities Are Considered Residents Under the Corporate Tax Law in UAE?
According to UAE corporate tax law, a legal entity formed there shall be regarded as a resident. If a foreign company is successfully managed and controlled in the UAE, it will be considered a resident under UAE corporate tax legislation.
If a company’s decision-makers or directors make important managerial and business decisions in the UAE, it will be seen as efficiently managed and controlled there. Consult our company tax consultants in Dubai to determine your position as a resident or non-resident.
The UAE will impose corporation tax on non-residents on,
- Income sourced in the UAE; and
- Taxable income received from their Permanent Establishment in the UAE.
Dates for Filing Corporate Tax in the UAE
The following table details the Corporate Tax in the UAE filing deadlines for companies whose fiscal years conclude on March 31, June 30, or December 31:
- Financial Year-End June 30. First Tax Period July 1, 2023 – June 30, 2024.
- Financial Year-End December 31. First Tax Period January 1, 2024 – December 31, 2024.
- Financial Year-End is March 31. First Tax Period April 1, 2024 – March 31, 2025.
Choose Jaxa as Your Most Trusted Corporate Tax Consultant in Dubai
Since the UAE’s regulatory environment will change with the implementation of corporation tax, businesses must be fully prepared to deal with the new tax structure. Companies can use the tax assessment and tax advisory services of corporate tax consultants in Dubai, like Jaxa, to obtain assistance.
Businesses can get help to guarantee tax compliance from our team of accounting professionals and tax advisors in Dubai. Our outstanding track record will be beneficial to businesses as they try to meet the requirements for Corporation Tax in the UAE.
We have successfully assisted hundreds of businesses with dealing with VAT and excise tax. You can contact our top corporate tax consultant in the UAE with your queries and avail of our services for UAE Corporate Tax return filing.
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The following table details the Corporate Tax in the UAE filing deadlines for companies whose fiscal years conclude on March 31, June 30, or December 31:
- Financial Year-End June 30. First Tax Period July 1, 2023 – June 30, 2024.
- Financial Year-End December 31. First Tax Period January 1, 2024 – December 31, 2024.
- Financial Year-End is March 31. First Tax Period April 1, 2024 – March 31, 2025.
According to UAE corporate tax law, a legal entity formed there shall be regarded as a resident. If a foreign company is successfully managed and controlled in the UAE, it will be considered a resident under UAE corporate tax legislation.
The accounting net profit (or loss) position in the financial statements will be used to determine the amount of income that is subject to taxation under UAE corporate tax law. Corporate tax assessment will be based on IFRS standards.
Businesses need to fulfill the following requirements:
1. All Taxable Persons (including Free Zone Persons) must register for company tax and get a corporate tax registration number.
2. The Federal Tax Authority may also force some Exempt Persons to register for Corporate Tax.
3. Taxable persons shall file a Corporate Tax return for each Tax Period within nine months of the end of the applicable period. Typically, all corporation taxes must be paid by the same deadline for the tax period for which a return is submitted.