Good News for UAE Businesses!

Businesses in the UAE, particularly those licensed in June 2023, can breathe a sigh of relief! The Federal Tax Authority (FTA) has extended the corporate tax filing deadline to December 31, 2024, a significant shift from the previously set date of September 30, 2024. This extension aims to alleviate the pressure on new businesses that were struggling to meet the original deadline.

Key Highlights:

• New Deadline: Companies licensed in June 2023 now have until December 31, 2024, to file their first corporate tax returns.
• Reason for Extension: The FTA recognized the challenges faced by these businesses during their initial tax periods, which are often shorter than the standard 12 months.
• Implications for Other Businesses: Most UAE companies operating on a January to December financial year will file their first tax returns based on their 2024 results by September 2025.

If you’re a business affected by this change, now is the time to prepare your financial statements and consult with tax professionals.

 Stay informed about your obligations and ensure you take advantage of this extended deadline! For personalized support and expert advice on navigating corporate tax in the UAE, make sure to Contact Business link!