Tax Update: FTA Extends the Deadline for Submission of Corporate Tax Returns Due Between 30 September 2024 and 30 November 2024 to 31 December 2024
The Federal Tax Authority (FTA) has announced Decision No. 7 of 2024 (Decision), which extends the deadline for filing Corporate Tax (CT) returns and for payment of the CT for specific tax periods.
The FTA in the Public Clarification – CTP003 clarified that the first tax period under the CT regime in the UAE must be between six (6) months and 18 months. Accordingly, the FTA made CT returns available on the EmaraTax portal for entities incorporated in June 2023, earlier this month. The deadline to submit these returns was set for 30 September 2024.
Implications of the Decision
- The Decision indicates that the submission of CT returns and payment of due tax originally due on 30 September 2024, 31 October 2024, and 30 November 2024 have been extended to 31 December 2024.
- This extension allows businesses additional time to prepare and file their returns, ensuring they meet compliance requirements.
Next Steps
- While the FTA has officially extended the CT return deadline to 31 December 2024 and updated the EmaraTax portal, the tax certificates still reflect the original deadline of 30 September 2024. The tax certificates are expected to be updated shortly to align with the FTA’s recent Decision.
It is recommended that the Taxable Person monitor the EmaraTax portal regularly to ensure the tax certificate is updated and liaise with the FTA regarding any discrepancies.
- If, for any Taxable Person, the EmaraTax portal is not updated, there is a minor risk of automatic penalties being imposed by the FTA. Taxable Persons have a solid case to request a waiver by submitting reconsideration requests, citing the FTA’s Decision regarding the extended deadline.
When making such requests, keeping documentation and evidence of the FTA’s announcement is significant.
How can we help?
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We designed our Corporate Taxation services to suit high-growth firms and their specific business needs at each stage of advisory, implementation, subsequent tax compliance, and management.
With our team of tax and HR advisors, finance experts, and tax accountants, we can provide you with a bundle of services, ensuring the implementation is cost-effective.
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