File Corporate Tax returns and settle payables within stipulated time, FTA urges businesses

The Federal Tax Authority (FTA) has called on businesses subject to Corporate Tax to file their returns and pay their dues for their respective tax periods within the stipulated legal timeframes.

As part of its commitment to supporting and encouraging voluntary tax compliance across business sectors with ease and efficiency, the FTA issued Decision (7) of 2024 last September on the Postponement of the Deadline to File a Tax Return and Settle the Corporate Tax Payable to 31st December 2024 for Tax Periods ending on or before 29th February 2024 (for example, tax periods ending in December 2023, January 2024, or February 2024).

In a media statement today, the FTA urged businesses subject to Corporate Tax whose tax periods ended on or before 29th February 2024 to file their tax returns and settle the Corporate Tax Payable for their Tax Period to the FTA before the end of December 2024. This is to avoid incurring administrative penalties for non-compliance with the legally mandated deadlines for filing returns and settling the Corporate Tax payable.

The FTA noted that, with the exception of the specified tax periods for which the deadline for filing returns and settling Corporate Tax payable has been extended by the FTA’s decision, businesses subject to Corporate Tax must file their returns and pay their due their Corporate Tax to the FTA within nine months of the end of their tax period.

Khalid Ali Al Bustani, Director-General of the FTA, stressed the importance of filing tax returns within the specified timeframe for each tax period. He pointed out that all businesses registered for Corporate Tax must file their tax returns periodically within the deadlines set by the FTA under the Corporate Tax Law.

Al Bustani noted that the FTA representatives are in continuous communication with taxable persons to gather their feedback and discuss ways to overcome any obstacles they may face, ensuring the efficient implementation of tax legislation without impacting their economic activities.

WAM