The Federal Tax Authority has urged businesses subject to corporate tax to complete their tax records, submit their tax returns, and pay any outstanding corporate taxes for the relevant tax periods within the specified time frames.
The authority emphasized that businesses liable for corporate tax (or exempt individuals required to register) must file their tax returns (or annual declarations) and remit their owed corporate taxes to the authority within nine months after the conclusion of their respective tax periods (or the end of the financial year for exempt individuals who are mandated to register).
It was clarified that filing tax declarations (or annual statements) and paying the applicable taxes is a fundamental legal obligation necessary to ensure compliance with tax legislation, thus avoiding penalties for late submissions and tax non-compliance.
The authority also highlighted the importance of registrants beginning preparations early for their corporate tax return submissions and being proactively ready to ensure all required information is available and submitted within defined time frames.
Necessary documents before initiating the tax return process include business licenses, financial records, and details regarding business activities, as early preparation contributes to fulfilling tax obligations efficiently and on time.
The authority reaffirmed its commitment to continually enhance its services following international best practices, providing comprehensive support to the business sector, and facilitating compliance with corporate tax laws and procedures with ease, accuracy, and efficiency. It noted that registration, tax return submissions, and payments for corporate taxes can be accomplished via the ‘Emirates Tax’ digital tax service platform, accessible 24/7 from anywhere, through clearly defined and straightforward steps.