Don’t miss the December 31 deadline for your first Corporate Tax Return. Ensure compliance with UAE tax laws and avoid penalties. Learn how we can assist.
As part of the UAE’s Corporate Tax framework, we would like to remind you of the key obligations under Article 53 of the UAE Corporate Tax Law regarding the timely filing of Corporate Tax Returns and payment of Corporate Tax liabilities.
Filing and Other relevant considerations:
- Corporate Tax Return is due within 9 months from the end of the Tax Period.
- The Tax Period is determined from the Corporate Tax Registration Certificate.
- The Corporate Tax Due date mentioned in the Corporate Tax Registration Certificate may not be outdated. This can be assessed by logging in to the EmaraTax Portal.
- The Tax Regime is self-assessed and it is the responsibility of Taxable Person to ensure accurate filing and timely payment
Be Prepared: First Corporate Tax Return Deadline
For companies incorporated on or after June 1, 2023, with a fiscal year ending on December 31, 2023, or before February 29, 2024, the deadline for filing the first Corporate Tax return is December 31, 2024.
For example:
- If your financial year ends on 31 December, your deadline to file and pay Corporate Tax is 30 September of the following year.
Consequences of Late Filing or Payment
Failure to meet these deadlines may result in significant penalties, as detailed below:
- AED 500 per month (or part thereof) for the first 12 months of delay.
- AED 1,000 per month (or part thereof) from the 13th month onward.
These penalties can accumulate quickly, emphasizing the importance of adhering to the specified deadlines.
Importance of Preparation
To ensure compliance and avoid penalties, it is essential to start preparing your Corporate Tax Return as early as possible. Key steps include:
- Gathering Required Documentation: Ensure all financial records, including invoices, contracts, and other relevant documents, are accurate and up to date.
- Reviewing Taxable Income: Calculate your taxable income as per UAE Corporate Tax regulations, considering allowable deductions and exemptions.
- Ensuring Accurate Reporting: Cross-check all details to minimize errors in the return submission.
How We Can Assist You
We are here to provide comprehensive support for your Corporate Tax Return filing, including:
- Reviewing your records: Ensuring compliance with UAE tax laws.
- Preparing the Tax Return: Accurately calculating taxable income and liabilities.
- Filing on your behalf: Submitting the return and ensuring timely payment.
We highly recommend that you begin the process as soon as possible to allow sufficient time for review and resolution of any potential issues.
Should you need our assistance or have any questions about the process, please do not hesitate to reach out to us.
Why Choose Spectrum Auditing?
At Spectrum Auditing, we go beyond just being an auditing firm; we’re your trusted partner in navigating the ever-evolving landscape of UAE regulations. Here’s what sets us apart:
- Unparalleled Expertise: Our team consists of accredited auditors, management accountants, consultants with in-depth knowledge of UAE laws, ensuring your business remains compliant.
- Streamlined Solutions: We take a comprehensive approach, guiding you through every step of the process, from risk assessment to filing reports.
- International Recognition: Be audits or any type of compliance, we adhere to the highest standards (ISA, IAS, IFRS), providing global credibility.
- Personalized Support: We understand every business is unique. We tailor our services to address your specific needs and answer any questions you may have.
Partner with Spectrum Auditing today. Let’s focus on your success, while you focus on what you do best – running your business.
Contact us today for a consultation at +971 4 2699329 or email [email protected] to get all our queries addressed.
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