Corporate tax return filing in the UAE is a critical requirement for companies, as per the tax laws set by the Federal Tax Authority (FTA). Here’s a summary of the key aspects of corporate tax return filing in the UAE:
What is Corporate Tax Return Filing in UAE?
Corporate tax return filing in the UAE is the process of submitting a report to the relevant tax authority, providing detailed information about a company’s income and expenses. This return is filed by the Taxable Person for a specific tax period to report their corporate tax liability and payments. It should be submitted within a specific timeframe as per the Corporate Tax Law.
Is it Mandatory To File Corporate Tax Returns in UAE?
Yes, it is mandatory for all companies operating in the UAE to file corporate tax returns. This requirement applies to both local and foreign companies, with the exception of businesses with an annual taxable profit of less than AED 375,000, which are subject to a 0% tax rate.
Should Free Zone entities file for Corporate Tax Returns?
Yes, corporate tax in the UAE also applies to Free Zone entities. All Free Zone entities, including Qualifying Free Zone persons, are required to file corporate tax returns.
How often should businesses file for Corporate Tax Returns in UAE?
Businesses in the UAE need to file corporate tax returns once per tax period. The corporate tax return is due nine months after the end of the tax period. There’s no need for advance or preliminary corporate tax filings.
What is the Deadline For Corporate Tax Return Filing in UAE?
Companies in the UAE have up to nine months from the end of the relevant tax period to submit their tax return and pay corporate tax to the Federal Tax Authority (FTA). The deadline varies based on the specific tax period, ensuring a smooth implementation of the Corporate Tax policy.
How to File Corporate Tax Returns in UAE?
Corporate tax returns can be filed online through the EmaraTax portal. Selected entities can pre-register for corporate tax on this platform. Ensure you have an EmaraTax account for this purpose.
The corporate tax return filing process includes tax registration, maintaining proper financial records, calculating taxable income, preparing the tax return, filing it through the FTA’s online platform (e-Services), and making the necessary tax payments. In case of a tax audit, the FTA may request additional information or documents to verify the accuracy of the tax return filed.
Elements of Corporate Tax Return Filing Services
When filing corporate tax returns, it’s essential to include information about the company’s profits and expenses. The outcome determines the tax amount payable to the government. Basic documents required for filing corporate tax returns include financial records, taxable income calculations, records and plans for tax depreciation, transfer pricing records, information on transactions involving relatives, and movement of provisions.
Al Marzaan Consultancy in the UAE offers experienced tax consultants to assist clients in complying with the Corporate Tax regulations and laws. Their services encompass document preparation, tax liability calculation, and guidance on corporate tax activities, such as registration, return filing, and refunds. If you need assistance with corporate tax returns in the UAE, you can contact Al Marzaan Consultancy for support and queries.
