Corporate tax Filing in the UAE is required by law for all firms operating in the country. There may be penalties for noncompliance of filing tax returns. Following the implementation of the UAE corporate tax laws, businesses are preparing to file corporate tax returns by the deadline set by the Federal Tax Authority (FTA).
The corporate tax was first announced by the UAE Ministry of Finance in January 2022, with an implementation date of either January 2024 or June 2023. The headline rate of the Corporate Tax Law will be 9% as of June 1, 2023. Any taxable profits under AED 375,000 are subject to a 0% rate every year.
Every Taxable Person must register for corporate tax and get a Tax Registration Number. In some cases, the tax authorities may request that Exempt Persons register for corporate tax. This blog post explains the specifics of company tax filing services.
Corporate tax filing in UAE is the process of submitting a report detailing a company's revenue and expenses to the relevant tax authorities. For a specific tax period, the Taxable Person submits the Corporate Tax Return, which includes details on the company's tax obligations and payments. According to the Corporate Tax Law, there is a deadline for submitting the tax return to the tax administration.
Corporate tax returns are only required to be filed once every tax year by UAE companies. The corporation tax return seems to be due nine months following the end of the tax period. Moreover, advance or preliminary corporate tax filings are not required.
According to UAE tax laws, businesses must submit tax reports and pay taxes on their taxable income to the Federal Tax Authority (FTA). However, companies having incomes under AED 375,000 will only be exempt from taxation. Companies in the UAE are bound by tax regulations, which impose penalties and fines for failure to file tax returns.
All taxpayers, irrespective of the company's category or income level, are required to file a corporate tax return. The requirement to file a corporate tax return applies to all firms in the UAE, including Free Zone entities, regardless of whether it is Qualifying Free Zone person or not.
Companies in the UAE have nine months from the end of the applicable tax period to file their tax return and pay the corporate tax to the Federal Tax Authority (FTA). Placing the deadline reflects the UAE's commitment to ensuring the smooth implementation of corporate tax legislation.
Some of the basic documents you required to submit when filing Corporate Tax Returns are:
• Financial statements
• Taxable income calculations
• Transfer Pricing records
• Records and Plans for tax devaluation
• Information on transactions that involve relatives
• Movement of Provisions
You can file Corporate Tax Returns through an online platform called EmaraTax. Log in to the portal and follow the instructions for filing corporate tax. The steps for filing corporate tax in UAE includes:
1. Maintain proper financial records in accordance with UAE laws.
2. Obtain a Tax Residency Number (TRN) from FTA after submitting all required documents.
3. Calculate taxable income considering tax deductions and exemptions.
4. File the tax return on or before the due date through EmaraTax portal.
5. Pay the tax return before the due date as per the filed tax return.
6. FTA may request additional documents to verify the filed tax return while tax auditing.
Our team of tax experts will assist you with the best corporate tax services in UAE. We will guide you throughout the filing process, which includes preparing documents for tax filing liability calculation. We ensure compliance with the UAE laws while corporate tax registration CT return filing, etc.
Contact GAAP Associates for corporate tax filing services in UAE!
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