Attention taxpayers!!!
Businesses with the financial year or tax period ending 31 December 2024 must file their Corporate Tax (‘CT’) return and settle any tax liability no later than 30 September 2025 to avoid penalties.
Key aspects to consider for CT return:
- Elections on realisation basis, transitional rules and transfers within qualifying group
- Assessment of Qualifying Free Zone Person (‘QFZP’) conditions to avail benefit of 0% CT rate
- Small Business Relief eligibility and its implication
- Transfer Pricing analysis for related party transactions and connected persons payments
- Non-deductible expenses, exempt income, tax loss utilisation and foreign tax credit
- Requirement of audited financial statements, if QFZP or revenue exceeds AED 50 million
It is important to ensure the CT return is thoroughly reviewed to align with the UAE CT Law requirements and compliance obligations.