The UAE Federal Tax Authority (FTA) has called on businesses subject to Corporate Tax to submit their tax returns and settle any outstanding liabilities by December 31, 2024, to avoid administrative penalties for non-compliance. This follows the issuance of Decision No. 7 of 2024 in September, which extended the filing and payment deadline for certain tax periods.
The extended deadline applies to businesses with tax periods ending on or before February 29, 2024, including those concluding in December 2023, January 2024, and February 2024. Under this decision, eligible businesses have until the end of the year to file their returns and settle their tax dues. For businesses not covered by this extension, the legal requirement remains to file returns and pay taxes within nine months of the end of their respective tax periods.
Khalid Ali Al Bustani, Director-General of the FTA, stressed the importance of adhering to the prescribed timelines to ensure compliance with the Corporate Tax Law. He noted that the FTA remains in active communication with taxpayers to address any challenges they face, ensuring that tax legislation is implemented efficiently without disrupting economic activities.
The FTA reiterated that businesses must review their tax periods and comply with the applicable deadlines. Failure to do so could result in penalties, which may affect their financial and operational stability. The extended deadline is intended to support new businesses in fulfilling their tax obligations and reflects the authority’s broader commitment to promoting a business-friendly tax environment in the UAE.
