FTA Urges Businesses to File Corporate Tax Returns by Year-End to Avoid Penalties

The Federal Tax Authority (FTA) has called on businesses subject to Corporate Tax to file their returns and pay their dues within the stipulated timeframes to ensure compliance and avoid penalties.

In a media statement issued today, the FTA reminded businesses with tax periods ending on or before 29th February 2024 to file their tax returns and settle their Corporate Tax Payable by 31st December 2024. This extension, announced under FTA Decision (7) of 2024 in September, applies to tax periods ending in December 2023, January 2024, or February 2024.

Khalid Ali Al Bustani, Director-General of the FTA, emphasized the importance of adhering to the deadlines to avoid administrative penalties. He reiterated that, apart from the extended deadlines, businesses must file their tax returns and pay their Corporate Tax within nine months of the end of their respective tax periods as mandated by the Corporate Tax Law.

Al Bustani also highlighted the FTA's commitment to facilitating voluntary compliance by maintaining open communication with taxable persons to address challenges and ensure the smooth implementation of tax legislation without disrupting business operations.

The FTA has urged businesses to act promptly and meet the extended deadlines for the specified tax periods to avoid non-compliance penalties.

News Source: Emirates News Agency