The Federal Tax Authority has urged corporate taxpayers (or exempt individuals required to register) to promptly submit their tax returns (or annual declarations) and settle any due corporate taxes within a period not exceeding nine months from the end of each registered taxpayer’s financial period (or from the end of the financial year for an exempt individual required to register). This is essential to avoid penalties for late submissions of returns and payment delays.
The authority emphasized that all corporate taxpayers, irrespective of their income levels, are required to file their tax returns. This obligation is a fundamental legal requirement to ensure strict adherence to tax regulations. Businesses are encouraged to submit their returns as early as possible and not to wait until the last minute, as this increases the risk of delays in filing and payment for various reasons, resulting in potential penalties.
For instance, businesses whose financial year concluded at the end of December can immediately file their returns through the “Emirates Tax” platform, which is available 24/7. It is crucial to ensure that all information is accurately entered, after which payments can be processed through the “Emirates Tax” platform well before the end of the payment deadline, which concludes at the end of September.