emirates7 - The Federal Tax Authority (FTA) has announced an extension for filing Tax Returns and settling Corporate Tax Payable, moving the deadline to 31st December 2024 for short Tax Periods ending on or before 29th February 2024.
This extension is part of FTA Decision No. 7 of 2024, issued under the Federal Decree-Law No. 47 of 2022 on Corporate and Business Taxation. Khaled Ali Al Bustani, FTA's Director-General, stressed the authority’s commitment to assisting taxpayers by providing additional time for those with an initial Corporate Tax period shorter than a year. He explained that the decision aims to ease the process for new businesses and prevent undue pressure and penalties by allowing them more time to meet their tax obligations.
The FTA's decision specifies that taxable entities with a short Tax Period ending on or before 29th February 2024—such as those closing their financial year on 31st December 2023, 31st January 2024, or 29th February 2024—will now have until 31st December 2024 to file their Corporate Tax Return and settle the due taxes. This applies particularly to businesses incorporated after 1st June 2023, which have shorter-than-usual initial tax periods due to their financial year ending on or before 29th February 2024.
For instance, a company established on 10th June 2023 with a financial year ending 31st December would initially have been required to file its Tax Return and pay Corporate Tax by 30th September 2024. Under the new FTA Decision, the deadline is now extended to 31st December 2024.
This extension is part of FTA Decision No. 7 of 2024, issued under the Federal Decree-Law No. 47 of 2022 on Corporate and Business Taxation. Khaled Ali Al Bustani, FTA's Director-General, stressed the authority’s commitment to assisting taxpayers by providing additional time for those with an initial Corporate Tax period shorter than a year. He explained that the decision aims to ease the process for new businesses and prevent undue pressure and penalties by allowing them more time to meet their tax obligations.
The FTA's decision specifies that taxable entities with a short Tax Period ending on or before 29th February 2024—such as those closing their financial year on 31st December 2023, 31st January 2024, or 29th February 2024—will now have until 31st December 2024 to file their Corporate Tax Return and settle the due taxes. This applies particularly to businesses incorporated after 1st June 2023, which have shorter-than-usual initial tax periods due to their financial year ending on or before 29th February 2024.
For instance, a company established on 10th June 2023 with a financial year ending 31st December would initially have been required to file its Tax Return and pay Corporate Tax by 30th September 2024. Under the new FTA Decision, the deadline is now extended to 31st December 2024.