The Federal Tax Authority (FTA) in the UAE has extended the deadline for filing tax returns and settling corporate tax payable to December 31, 2024. This new deadline applies to tax periods ending on or before February 29, 2024. The decision aims to support taxable persons who were incorporated, established, or recognized on or after June 1, 2023, and have a financial year ending on or before February 29, 2024, resulting in a first tax period shorter than the standard 12-month duration.
Khaled Ali Al Bustani, Director General of the FTA, highlighted the challenges faced by businesses with first corporate tax periods shorter than a year and emphasized the authority’s commitment to fostering a supportive and equitable tax environment in the UAE. The decision reflects the FTA’s dedication to encouraging timely compliance and minimizing tax burdens for taxpayers. This decision is in accordance with the FTA’s decision No. 7 of 2024, issued for the purposes of Federal Decree Law No. 47 of 2022 on the taxation of corporations and businesses and its amendments.
Taxable persons are encouraged to review the corporate tax law and all related legislation and decisions available on the FTA’s website. By staying up to date with the latest news and following KT on WhatsApp Channels, taxpayers can ensure timely compliance with tax regulations and take advantage of the extended deadline for filing tax returns and settling corporate tax payable. This extension provides businesses with additional time to meet their tax obligations and navigate any challenges related to short tax periods.
The FTA’s decision to extend the deadline for filing tax returns and settling corporate tax payable demonstrates its commitment to supporting businesses and ensuring a fair and efficient tax environment in the UAE. By postponing the deadline for certain taxpayers with shorter tax periods, the FTA aims to minimize the impact of financial challenges and promote compliance with tax regulations. Taxpayers can benefit from this extension by carefully reviewing the requirements and deadlines outlined in the corporate tax law and related legislation.
With the deadline extension in place, taxable persons have until December 31, 2024, to file their tax returns and settle their corporate tax payable for specified tax periods. By taking advantage of this extended deadline and ensuring timely compliance with tax regulations, businesses can avoid penalties and streamline their tax processes. The FTA’s decision to postpone the deadline for certain taxpayers with shorter tax periods is a proactive step towards supporting businesses and promoting compliance with tax laws in the UAE.
In conclusion, the FTA’s decision to extend the deadline for filing tax returns and settling corporate tax payable provides businesses with additional time to meet their tax obligations and navigate any challenges related to short tax periods. By staying informed about tax regulations and following the latest news updates, taxable persons can ensure timely compliance and take advantage of the extended deadline. The FTA’s commitment to fostering a supportive and equitable tax environment in the UAE is evident through this decision, which aims to minimize tax burdens and promote compliance with tax laws among businesses.
