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Deadline for Corporate Tax Registration is Announced

The federal tax authority has announced tax registration deadlines for this year. Moreover, Federal Tax Authority Decision No. 3 of 2024 was taken. It was issued on February 26, 2024. Thus, It will be effective from December 31, 2024.

Upon giving Further details, the FTA states that an organization’s registration depends on its start date. If an organization Fails to meet the registration deadline. It will cause various penalties for businesses. This penalty depends on the type and extent of the breach.

Here’s a summary of the deadlines issued by FTA:

Date of License IssuanceDeadline for Submission of Registration form
January – 31 January31 May 2024
February – 28/29 February31 May 2024
March – 31 March30 June 2024
April – 30 April30 June 2024
May – 31 May31 July 2024
June – 30 June31 August 2024
July – 31 July30 September 2024
August – 31 August31 October 2024
September – 30 September31 October 2024
October – 31 October30 November 2024
November – 30 November30 November 2024
December – 31 December31 December 2024
Entities established on or after 31 December 20243 Months from the date of incorporation controlled in the UAE

The process of Corporate Tax Registration.

Deadlines for the registration of taxable people for corporate tax are very close. It’s just a reminder to our clients and other different UAE business owners.

Well, there are some key steps to ensure the company follows all the tax rules.

  1. Understanding about the tax Rules.
  2. Gathering all the required Documentation.
  3. Registering with the Tax Authority.
  4. Obtaining a Registration Number.
  5. Submission and Verification.
  6. Obtaining Tax Registration Number (TRN). 
  1. Understanding Tax Obligations:
     First, check if your business pays corporate tax based on UAE rules or not.

Gathering all the required Documentation: 

Next is to gather all the vital documents such as

  1. Company papers.
  2. Financial statements.
  3. Identification proofs.

Registering with the Federal Tax Authority (FTA): 

  Moving forward is tax registration.  A portal is provided by FTA. You must fill it out and then submit it. This will initiate the registration process.

Submission and Verification: 

After that Submit of the required documents through the portal. At the same time, you must wait for the verification by the FTA.

Getting a Tax Registration Number (TRN): 

Finally, after successful verification, you will receive a Registration Number. Now you use this number for tax filing.

UAE Corporate Tax Compliance

 Every Business in the UAE must follow tax laws to avoid penalties and losses to businesses Compliance may include the following factors.

  1. The primary task is Filing of deadlines. 
  2.  Secondary task Important and timely registration.
  3. The tertiary task is awareness of the Tax rates. 
  4. The Quaternary task is checking New Rules or updates

Why Choose Abstract Auditing?

Abstract Auditing offers the best support for corporate tax registration and compliance in the UAE:

  1. Expertise.
  2. Reliability. 
  3. Proven Track Record.
  4. Worldly recognition 

Expertise.

Having a well-experienced team of professionals who know the secrets of auditing world in the UAE is a blessing.

Reliability. 

Our reliability makes us one of the most trustworthy brands. Starting From registration to compliance, we are to guide you all the way through the tax journey.

Proven Track Record. 

Abstractauditing is the most trusted and have proven track records from different companies. Plus, we deliver the most reliable and efficient tax advisory and auditing services.

How does the UAE’s Corporate Tax Compare to Global Finance Centers?

 Talking about The UAE corporate tax rate then it’s quite low as compared to other countries of the world. It is about 9%..According to the report of the Tax Foundation.  

Trends

  • The average top corporate tax rate in the European Union is 21.3%.
  • In OECD countries, it’s about 23.04%
  • In G7 countries, it’s just above 26.7%, 
  • In the past 40 years, these global tax rates have suddenly been reduced all over the world.  The decrease ranges from over 40% to 25–30%. When we talk about the UAE, it is to keep its 9% corporate tax rate the same for now. It is confirmed by Younis Al Khouri, Ministry of Finance, in January.

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