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CORPORATE TAX FILING

The UAE Ministry of Finance introduced a Corporate Tax on business profits, effective June 1, 2023. The new CT law will levy corporate income tax on business profits made by UAE businesses, over the course of a tax accounting period.

Only one UAE CT return will need to be filed per Tax Period. No provisional or advance UAE CT filings will be required.

Taxable Person to file a Tax Return for each Tax Period, and this Tax Return must be filed no later than nine months from the end of the relevant Tax Period. As an example, the Tax Return for a Tax Period ending 31 December in Year One will need to be filed by 30 September in Year Two.

A Tax Return must be filed in the form issued, and in the manner prescribed, by the Authority. Corporate Tax Filing in UAE can be done online through the EmaraTax portal.

The minimum information which a Taxable Person must provide to the Authority as part of their Tax Return includes, but is not limited to:

  • The Tax Period to which the Tax Return relates.
  • The name, address and Tax Registration Number of the Taxable Person.
  • The date of submission of the Tax Return.
  • The accounting basis used in the financial statements.
  • The Taxable Income
  • The amount of Tax Loss relief claimed (if any)
  • The amount of Tax Loss transferred in from other group company(ies) or transferred out to other group company(ies) (if any)
  • The amount of Withholding Tax Credit and Foreign Tax Credit (if any) claimed.
  • The amount of Corporate Tax Payable for the Tax Period.

Corporate Tax Payable under the Corporate Tax Law must be settled within nine months from the end of the relevant Tax Period. This coincides with the due date for filing of Tax Returns and means that Taxable Persons will be able to pay Corporate Tax at the same time as filing their Tax Return.

At M&M Auditing we have a dedicated team of tax experts who can take care of the annual filing requirements.