Compliance requirements for a Free Zone Person under the Corporate Tax Law?
CA Nitish Agrawal
Auditor | UAE Corporate Tax & VAT Expert | Virtual CFO | Business Set Up | Investment Advisor & Financial Planning | M & A | FCA | UAECA
The compliance requirements for Corporate Tax purposes applicable to a Free Zone Person include, but are not limited to, the following:
Month of License Issuance -Deadline to Apply for Registration
January or February -31 May 2024
March or April -30 June 2024
May -31 July 2024
June -31 August 2024
July -30 September 2024
August or September -31 October 2024
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October or November -30 November 2024
December -31 December 2024
The New License company (License) formed after 1st March 2024 must register within 3 months
2. Audited Financial Statements: A Qualifying Free Zone Person must prepare and maintain audited Financial Statements even if its Revenue is below AED 50 million during the relevant Tax Period. A Qualifying Free Zone Person is not required to prepare separate Financial Statements for its Qualifying Income and its other income. However, it should have sufficient documentation to demonstrate how it calculated its Qualifying Income.
3. Tax Return and Corporate Tax payment: A Free Zone Person, including a Qualifying Free Zone Person, is required to pay Corporate Tax (if any) and file their Tax Return to the FTA in the form and manner prescribed by the FTA within 9 months from the end of the relevant Tax Period.
4. Maintaining records and documents: A Free Zone Person shall maintain all records and documents for a period of 7 years following the end of the Tax Period to which they relate.
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CA Nitish Agrawal