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Corporate Tax Filing Return services in UAE

In the United Arab Emirates (UAE), adhering to corporate tax regulations is not just a good practice but a legal obligation for all businesses. Failure to comply with these regulations can result in significant penalties and fines. The UAE’s corporate tax framework, introduced by the Ministry of Finance in January 2022, is set to be implemented fully by June 2023 or by January 2024. Starting from June 1, 2023, the Corporate Tax Law will come into effect, featuring a headline tax rate of 9%. Notably, businesses with annual taxable profits below AED 375,000 will enjoy a 0% tax rate. This tax regime draws from international best practices, incorporating elements designed to ensure fairness and efficiency.

One of the fundamental requirements is that every Taxable Person must complete their registration for Corporate Tax and obtain a unique Tax Registration Number. It’s worth noting that, in some cases, even Exempt Persons may be requested to register for Corporate Tax by the tax authority.

This session delves into the intricacies of Corporate Tax Filing in the UAE, shedding light on the importance of compliance with these new regulations and the specific details regarding tax rates and exemptions.

MASAR Chartered Accountants is your trusted ally for seamless Corporate Tax Filing in the UAE. Our experienced tax professionals provide expert guidance, ensure efficient tax registration, and offer comprehensive record-keeping.

Corporate tax filing return in UAE

How to File Corporate Tax in UAE?

The convenient process of filing Corporate Tax Returns online is made possible through the user-friendly EmaraTax portal. At present, the Federal Tax Authority (FTA) extends the privilege of pre-registration for corporate tax to certain entities, allowing them to streamline their tax affairs efficiently. If your organization falls into this category, you have the opportunity to register for corporate tax seamlessly using the EmaraTax platform.

For those who haven’t yet created an account on EmaraTax, we’ve prepared a handy guide that will walk you through the steps of logging in and completing your registration on this digital platform.

It’s noteworthy that EmaraTax has undergone a significant transformation by merging with the UAE Central Bank and integrating with UAE PASS. This strategic collaboration aims to enhance and reorganize the user experience, offering a more comprehensive and seamless online tax filing solution.

What is a corporate tax filing return in the UAE?

In the United Arab Emirates (UAE), the corporate tax return filing process is a crucial requirement, involving the submission of a comprehensive report to the relevant tax authority. This report meticulously outlines a company’s income and expenditures, providing a detailed picture of its financial activities. This essential document, known as the Corporate Tax Return, is to be submitted by the Taxable Person for a specified tax period, serving to report and reconcile corporate tax liability and payments made.

Compliance with the Corporate Tax Law mandates that this Tax Return is submitted within a stipulated timeframe to the designated tax authority. This timeline is of paramount importance to ensure that businesses meet their legal obligations and avoid potential penalties.

Moreover, should the tax authority require any supplementary information, documents, or records, it is the responsibility of the taxpayer to promptly furnish these materials, ensuring full transparency and cooperation with the tax authorities

What is the Deadline for Corporate tax Return filing in the UAE?

In the UAE, businesses are granted a generous time frame of up to 9 months after the conclusion of the relevant tax period to fulfill their corporate tax obligations by submitting their tax returns and remitting payments to the Federal Tax Authority (FTA). This timeline is designed to ensure that companies have ample time for compliance.

For instance, consider a company with a tax period commencing on June 1, 2023; they would have until February 28, 2025, to meet their corporate tax obligations. Similarly, a company commencing its tax period on January 1, 2024, would enjoy an extended deadline, allowing them to fulfill their obligations up to September 30, 2025.

This strategic approach reflects the UAE’s unwavering commitment to the effective implementation of Corporate Tax policy, thereby offering businesses several advantages. These advantages encompass streamlined cost efficiency, precise control over time management, the convenience of a consolidated tax return for business groups, and the flexibility to offset tax paid by profitable entities within a group against potential tax losses incurred by others.

Procedure of Corporate Tax Return Filing in UAE?

Navigating the process of filing corporate tax returns in the UAE involves several key steps to ensure compliance:

  • Tax Registration: Commence by acquiring a tax registration number from the Federal Tax Authority (FTA). This necessitates the submission of all requisite documentation and pertinent information in accordance with FTA guidelines.
  • Record Keeping: It is imperative to uphold meticulous records of all financial transactions and documents tied to taxation. This practice must align with the prevailing UAE tax laws, underpinning transparency, and compliance.
  • Tax Return Preparation: Next, engage in the meticulous process of calculating your taxable income. This calculation serves as the foundation for crafting a comprehensive tax return. Importantly, it should consider applicable tax deductions and exemptions in accordance with the UAE’s tax legislation.
  • Tax Return Submission: Transmit your meticulously prepared tax return to the FTA through their online platform, e-Services. It is vital that this submission occurs well in advance of the designated due date to ensure compliance.
  • Tax Payment: Promptly settle your tax liability in accordance with the details outlined in your filed tax return. This payment should align with the specified due date, safeguarding adherence to regulations.
  • Tax Audit: Be prepared for the possibility of a tax audit. In the event of an audit, the FTA may request supplementary information or documents to validate the accuracy of your filed tax return.

We are well-equipped to offer expert assistance in calculating and formulating your corporate tax liability, ensuring a smooth journey through the UAE Corporate tax return filing process. Our comprehensive support spans from assessment to the final filing, fostering compliance and peace of mind for your business.

Factors of Corporate Tax Filing Services

When submitting your Corporate Tax Return, it’s imperative to furnish a comprehensive account of your company’s financial performance, encompassing both profits and expenses. The outcome of this meticulous process determines the exact amount of taxes owed to the government.

Here’s a rundown of the essential documents necessary for a thorough Corporate Tax Return filing:

  • Financial Records: A comprehensive collection of your financial records is the cornerstone of your tax return. These documents provide a clear snapshot of your company’s fiscal activities.
  • Taxable Income Calculations: Your tax return should include calculations that highlight shifts in net results within your accounting records, aiding in the determination of your taxable income.
  • Depreciation Records and Plans: Keeping records and plans pertaining to tax depreciation is crucial. This ensures your account for devaluation accurately within your tax return.
  • Transfer Pricing Documentation: The inclusion of transfer pricing records is vital. These records offer insight into transactions involving related parties, promoting transparency and compliance.
  • Information on Related Party Transactions: Details regarding transactions involving relatives or related entities must be included to uphold transparency and regulatory adherence.
  • Provisions Movement: Providing information on the movement of provisions ensures your tax return is comprehensive and in accordance with established tax laws.

Our team of seasoned tax experts and professionals at MASAR Chartered Accountants is committed to the meticulous and accurate preparation of your corporate tax returns. By doing so, we mitigate the risk of audits and maximize your eligible tax claims, securing your financial interests and regulatory compliance.

How MASAR Chartered Accountants can assist you.

MASAR is your trusted ally for seamless Corporate Tax Filing in the UAE. Our experienced tax professionals provide expert guidance, ensure efficient tax registration, and offer comprehensive record-keeping. We prepare your tax return accurately, facilitate timely filing and payments, and help you stay audit-ready. With tailored solutions, we maximize your tax claims while minimizing audit risks, ensuring peace of mind throughout the process.