As per the Federal Tax Authority (FTA) guidelines, if a company’s financial year starts on 1 September 2023 and ends on 31 August 2024, the due date for submitting the first Corporate Tax Return is 31 May 2025.
What Happens if You Miss the Deadline?
- AED 500 late submission fine, escalating further depending on the delay.
- Furthermore, a penalty will also apply if the Taxable Person fails to settle the payable tax by the due date.
Who needs to file?
- All taxable persons with a financial year starting 1 September 2023 and ending 31 August 2024
- This includes mainland, free zone, and any other taxable persons.
What needs to be submitted?
- Corporate Tax Return for the first tax period.
- Financial statements supporting the tax computation.
HOW BAM TAX ADVISORS CAN ASSIST YOUR COMPANY
We specialize in Corporate Tax compliance. Let our experts help you:
- Review your financial statements and prepare your Corporate Tax return.
- File your Corporate Tax return accurately and on time with the FTA.
- Avoid penalties and ensure full documentation compliance as per the Corporate Tax Law.
