Corporate Tax Return Filing Services Dubai UAE | Tax Return Filing

Corporate tax return filing

Corporate tax return filing is a compulsory obligation for companies operating in the UAE, and the failure to submit tax returns can lead to penalties and fines. The corporate tax law in the UAE was introduced in January 2022, with the implementation scheduled for June 2023 or January 2024. Set to take effect on June 1, 2023, the law imposes a 9% headline rate, while annual taxable profits below AED 375,000 incur a 0% rate. All businesses, whether local or foreign, are subject to these tax laws, and non-compliance may result in significant financial consequences.

Every taxable entity must register for corporate tax and obtain a Tax Registration Number. Even exempt persons may be requested to register for corporate tax in certain cases. Strict adherence to the Corporate Tax Law and Audit procedures is crucial for all businesses to avoid potential fines and penalties.

One interesting thing about the tax audit is that it can happen at the business’s offices or at a place chosen by the FTA. The FTA makes sure the process is fair and clear by telling businesses about the audit well before it happens giving them at least 5 days to prepare. The decision to do the tax audit during regular work hours makes the process more official and serious. It’s important for businesses to know that not every business registered for VAT will be audited. The FTA uses a random process to pick companies that need a closer look. This way of choosing emphasizes how important it is for businesses to always follow the rules about VAT. Businesses that do this will be in a better position to lower the chance of being picked for a tax audit, showing how businesses can take an active role in keeping their financial and regulatory honesty.

Corporate TAX Audit Services Dubai

VAT Audit in Dubai, UAE, during the VAT audit process, the Federal Tax Authority (FTA) has the important job of checking if businesses are following the VAT rules. It’s not just a regular check but a careful look to make sure businesses are following all the rules set by the FTA. This check doesn’t just involve quickly looking at financial records; it includes a thorough review to make sure all the details in VAT returns and refund requests are correct according to the FTA’s rules.

The main goal of the VAT audit is to check if businesses are not only doing VAT transactions correctly but also reporting them exactly how the FTA wants. The audit makes sure that businesses not only collect the right amount of VAT but also send it to the FTA on time, following the specific time limits. This helps businesses be responsible with their finances and supports the overall economic system.

This detailed check also looks closely at a company’s financial records, especially the bank statements. The FTA asks for both physical (hard copy) and electronic (soft copy) documents, making sure no mistakes are missed. They pay special attention to sales and purchase invoices, going into the small details to confirm that the transactions are accurate.

Get a Help to MAKCA for Corporate TAX Audit Services in Dubai

Our team of consultants can help you with getting your documents verified and guide you in setting up your business in free zones in the UAE. Doing this can reduce your corporate tax in the UAE. If you want more information, you can contact Makca Auditing.

IF you want to get our Audit Services in Dubai, Call us or write an email for a free quote, also call us for Corporate TAX Audit Services in Dubai.

Corporate tax return filing in the UAE involves submitting a report to the relevant tax authority detailing a company’s income and expenses for a specific tax period. This filing is carried out by the taxable person, providing information on corporate tax liability and payments. The filing must be done within a specified period as per the Corporate Tax Law, and any additional requested information must be promptly submitted to the tax authority.

Filing corporate tax returns in the UAE is mandatory, and the Federal Tax Authority (FTA) requires companies to file tax returns and pay taxes on their taxable income in accordance with UAE tax laws. However, businesses with income below AED 375,000 are subject to a 0% tax rate. Regardless of income levels or company status, all taxpayers are obligated to file corporate tax returns to comply with regulations.

Even Free Zone entities are not exempt from corporate tax in the UAE. All Free Zone entities, whether qualifying as Free Zone persons or not, are required to file corporate tax returns.

Businesses in the UAE are obligated to file corporate tax returns only once per tax period. The deadline for filing is nine months after the end of the relevant tax period. No advance or preliminary corporate tax filings are necessary. For example, a company with a first tax period beginning on June 1, 2023, will have a deadline up to February 28, 2025.

To file corporate tax returns in the UAE, businesses can use the EmaraTax portal, an online platform approved by the FTA. The registration process can be completed online, and for entities pre-approved for corporate tax, registration can be done in EmaraTax. The integration of EmaraTax with the UAE Central Bank and UAE PASS has streamlined the user experience.

The procedure for corporate tax return filing in the UAE involves obtaining a tax registration number, maintaining meticulous records of financial transactions, preparing the tax return based on these records, filing the tax return through the FTA’s online platform, paying the tax liability by the due date, and undergoing a tax audit if requested by the FTA.

MAK Auditing, with its team of highly knowledgeable and experienced tax consultants in the UAE, assists clients in navigating the complexities of corporate tax return filing. The services include guiding through document preparation, calculating tax liability, and ensuring compliance with the tax authority’s regulations for various corporate tax activities, including registration, filing returns, and refunds.