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If your business license was issued in August or September (any year), make sure to register for Corporate Tax by 31.10.2024!
🔑 Key Points to Note:
1. Even if a Taxable Person ceases business operations, whether through dissolution, liquidation, or other means during the first tax period, Corporate Tax registration is still required. Only companies liquidated before the start of their first tax period are exempt.
2. Penalties: Failure to register within the specified timeframe will result in a penalty of AED 10,000.
3. If you’re already registered for VAT and your taxable person profile isn’t updated, amendments may take up to 20 working days for FTA approval. Don’t wait – ensure your details are updated and complete your CT registration on time.
Corporate tax (CT) is a direct tax imposed on the net income or profit of corporations and other entities from their business activities. In some jurisdictions, corporate tax is also known as “Corporate Income Tax (CIT)” or “Business Profits Tax.”
On January 31, 2022, the United Arab Emirates (UAE) Ministry of Finance (MoF) announced the introduction of a federal corporate tax (CT) system. This new system applies to financial years starting on or after June 1, 2023. With the exception of Bahrain, the UAE now offers the lowest corporate income tax rate in the GCC, set at a standard rate of 9%.
The UAE’s CT framework has been designed to follow global best practices while minimizing the compliance burden on businesses.
Truly, let us know what service you are looking for and hence we can get back to you with more details.
Definitely, Alya Auditors is the one partner you need to ensure your business is built on accurate accounting books certainly, to spearhead greater growth and wider market reach.
An association of legally independent auditing & accounting firms in the UAE
Silver Tower, Business Bay. PO Box: 41102, Dubai, UAE.
Sharjah Airport Free Zone PO Box: 120403 Sharjah, UAE.
+971 48769377
+971 52 9750690 , +971 50 522 1035
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