Corporate Tax return filing is a legal requirement of the FTA to taxable persons and failure to file tax returns can result in administrative penalties and fines. Corporate Tax return filing in the United Arab Emirates is the process of submitting a report to the relevant tax authority that details the income and expenses of a taxable person.
The Corporate Tax Return is filed by the Taxable Person for a specific tax period on the information about Corporate Tax liability and payment. The Tax Return should be filed within a specific period with the FTA with reference to the Corporate Tax Law.
In case of any additional information, a document, or a record is requested by the Authority, it should be submitted by the taxpayer to the tax authority.
Corporate Tax was first introduced in January 2022 by the Ministry of Finance, UAE, thus declaring the implementation in June 2023 or by January 2024. The Corporate Tax Law will go into effect on June 1, 2023, at the rate of 9%. Any annual taxable profits under AED 375,000 are subject to a 0% rate.
Procedure of Corporate Tax Return Filing
The following are the procedures in filing a Corporate Tax return in UAE
Companies in UAE need to apply for a tax registration number from the Federal Tax Authority (FTA) by submitting the required documents and information through EmaraTax portal.
Maintain proper records of all financial transactions and tax-related documents in accordance with the UAE Corporate Tax laws.
Calculate taxable income and prepare a tax return based on the records maintained, taking into account any applicable deductions and exemptions as per the UAE Corporate Tax laws.
Submitting the Corporate Tax return to the FTA through their online platform, EmaraTax portal, on or before the due date stipulated.
Pay the tax liability as per the Corporate Tax return filed on or before the due date.
In case of a tax audit, the Authority may request additional information or documents to verify the accuracy of the Corporate Tax return filed.
Basic Documents required to file for Corporate Tax
When a taxable person file for Corporate Tax return, it should include the following documents:
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