The decision is aimed at helping businesses with first corporate tax periods shorter than a year
The deadline to file a tax return and settle corporate tax payable has been extended to December 31, 2024, Federal Tax Authority (FTA) announced. This new deadline is applicable to tax periods ending on or before February 29, 2024.
The decision is aimed at taxable persons incorporated, established or recognised on or after June 1, 2023 that have a financial year ending on or before February 29, 2024, which resulted in a first tax period that is shorter than the standard 12-month duration.
Khaled Ali Al Bustani, Director General of the FTA, emphasised that the authority recognised “the potential challenges faced by businesses with first corporate tax periods shorter than a year, and postponed the deadline by which certain taxpayers must file their tax return and settle their corporate tax.”
He added that the decision “reflects our ongoing commitment to fostering a supportive and equitable tax environment in the UAE, that encourages timely compliance while minimising tax burdens.”
This comes under the FTA’s decision No. 7 of 2024 on the “postponement of the deadline to file a tax return and settle the corporate tax payable for certain tax periods” issued for the purposes of Federal Decree Law No. 47 of 2022 on the taxation of corporations and businesses and its amendments.
The FTA encouraged all taxable persons to review the corporate tax law and all related legislation and decisions, which are available on its website.
Source: Khaleejtimes
