Deadline to file a tax return and settle corporate tax payable has been extended to December 31

According to an announcement made by the Federal Tax Authority (FTA), the deadline for filing a tax return and paying corporation tax payable has been extended to December 31, 2024. For tax periods ending on or before February 29, 2024, this new deadline will be in effect.

The decision is intended for taxable individuals who were incorporated, created, or recognised on June 1, 2023, and whose financial year ended on February 29, 2024, or earlier. As a result, their first tax period was shorter than the customary 12-month term.

This relates to Federal Decree Law No. 47 of 2022 on the taxation of companies and enterprises and its revisions, as well as the FTA's decision No. 7 of 2024 on the "postponement of the deadline to file a tax return and settle the corporate tax payable for certain tax periods."

All taxable individuals were urged by the FTA to study the corporation tax law as well as any relevant laws and rulings, which are accessible on its website.