Corporate Tax Return Filing & Compliance Support
Under the UAE CT Law, all taxpayers must file their CT returns within nine months from the end of their financial year. The filing process requires careful calculation of taxable income, application of available reliefs, and accurate completion of return disclosures in accordance with FTA guidelines.
Submission of the incorrect return could lead to administrative penalties, potential loss of available reliefs and exemptions, and, in certain scenarios, even a criminal investigation in the presence of a tax avoidance case.
Missing the deadline for submission could result in administrative penalties and trigger a tax audit of the taxpayer.
At Young Global, we help our clients throughout the filing process, from data collection to submission of the tax return to the FTA, including continuous support in case of potential questions or comments from the FTA.
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We at Young Global ensure that your CT return is filed correctly, efficiently, and on time, reducing tax risks and warranting full regulatory compliance.
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All taxable entities registered for CT purposes are required to submit their annual CT return, unless such entity is exempt from the submission as per the effective tax legislation.
The CT return must be submitted within nine months from the end of the financial year (e.g., by 30 September for entities following a January-December financial year).
The financial statements of the entity for the reporting period are usually the bare minimum that must be attached to the CT return. In certain scenarios, the taxpayers would require additional information, such as adjustments for tax purposes (e.g., non-deductible expenses), assessments on relief applications, transfer pricing disclosure forms (if applicable), and other supporting documentation.
Administrative fine of AED 500 per month applies for the late submission of the CT return (for the first 12 months). Incorrect filing of the CT return could lead to an administrative penalty of AED 500, unless the taxpayer submits a revised CT return before the CT return submission deadline. In addition to the above, a fixed penalty of 15% on the tax difference resulting from the incorrect submission will be applied. Also, a monthly penalty of 1% of the tax difference for each month until the submission of the voluntary disclosure or the issuance of a tax assessment.
CT law obliges the following categories to submit audited financial statements: – Revenues of the taxpayer exceed the AED 50 million threshold in the respective tax period | Taxpayer is a Qualifying Free Zone Person | Taxpayer is a part of a Tax Group
