Image courtesy WAM
FTAA has released new dates for filing of Corporate Tax Returns and payment for the Corporate Tax Payable. The new deadline laid down to be December 31, 2024 concerns short tax periods up to February 29, 2024.
This extension was allowed by Decision No. 7 of 2024 under the Federal Decree-Law No. 47 of 2022 On the taxation of Corporations and Businesses. The change to the Conduit Development aims to help those business especially those with First Tax Period of less than 12 months to meet their tax obligations.
FTA Director-General Khaled Ali Al Bustani insisted on the readiness of the Authority to help the taxpayers by extending the deadlines for filing and paying the taxes. As a result, this extension is intended to minimize compliance costs and increase timely and accurate tax remittance.
The extension is made to companies that are incorporated after June 1, 2023, having the financial year end before the February 29, 2024, which means they owe their corporate tax obligations by December 31, 2024.
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