TME LEGAL | DUBAI – RECHT KLAR

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UAE Companies Incorporated in June 2023: Corporate Tax Filing Due by September 30, 2024

The first assessment period for corporation tax now had to be declared to the FTA

Businesses incorporated in June 2023 in the UAE had to submit their first corporate tax returns by September 30, 2024, in accordance with the Federal Tax Authority’s (FTA) guidelines. This deadline is a year earlier than the deadline for most other UAE companies to file their returns. Late submissions and unpaid taxes will result in significant penalties.


Incorporation Date

Companies incorporated in June 2023 with a calendar financial year (January 1 to December 31) must file their first tax return, covering the period from incorporation until December 31, 2023.


Filing Portal

All corporate tax returns must be filed through the Emaratax portal, with mandatory audited financial statements for companies with revenues exceeding AED 50 million.


Penalties

Late submission fines start at AED 1,000 per month for the first 12 months, increasing to AED 1,000 per month afterward. Late tax payments on the unpaid amount will be penalized at 14% per annum.


TME Legal Takeaway:

Companies incorporated in June 2023 had to prioritize the September 30, 2024, tax return deadline to avoid penalties. Proper financial reporting and timely submissions are crucial for compliance with the UAE’s corporate tax regulations.

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