- September 26, 2024
Postponement of the Deadline to File a First Tax Return and Settle the Corporate Tax Payable for new companies incorporated on or after 01 June 23.
Federal Tax Authority (FTA) released decision no.7 of 2024
On 26 September 2024, the Federal Tax Authority (FTA) released decision no.7 of 2024 stating the Postponement of the Deadline to File a Corporate Tax Return and Settle the Corporate Tax Payable for Certain Tax Periods for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses and its amendments.
This decision states that the deadline to file the Corporate Tax Return and settle the Corporate Tax liability has been extended to 31 December 2024 subject to the fulfillment of all the following conditions :
- Entities that are incorporated, established or recognised on or after June 2023 and
- Entities have a tax period ending on or before 29 February 2024.
Don’t miss this critical deadline. Ensure compliance and avoid penalties by filing and settling your Taxes on time. Act now to avoid last-minute stress!
Note - Failure to file a Corporate Tax Return and Pay Corporate Tax Liability before 31 December 2024 shall attract a penalty of AED 500 for each month for the first twelve months and AED 1,000 for each month from the thirteenth month onwards.