Your 2024 Corporate Tax To-Do List

Shamma Al Falahi Partner, Head of Tax shamma.alfalahi@bsabh.com

A new year brings New Year’s Resolutions. With corporate tax laws and guides still being drafted and published as we speak, making smart tax moves now brings benefits in uncertain times.
Remember that Corporate Tax is 9% out of your revenues, therefore it is important to make correct and timely decisions. 

To assist with this, we have provided a straight-forward Corporate Tax to-do list:

Will meet the registration Deadline
Read the Corporate Federal Tax Law , all the relevant cabinet decision, the ministerial decisions and the guides issued by the FTA. This will help you understand the requirements for your business under the Corporate Tax Law, including what elections or applications your business may or should make for Corporate Tax purposes. 

In line with Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, Taxable Persons must register and obtain a Tax Registration Number for Corporate Tax purpose prior to the deadline of Corporate Tax Return Filling dates. 

Unlike the VAT registration, there are no penalties associated with missing the registration due date, yet you want to ensure completing the registration in time to file the tax return. It is important to note that the authority will require 20 business days from the date the completed application was received, which might take longer than expected if the application submitted is not completed and will be returned back for amendment.

Will Keep My Documents Up to Date and Safe for 7 year
The Authority may request a Taxable person to submit the financial statement used to determine Taxable Income, Therefore the taxable person will have to maintain a Financial statement for all business and business activates. Yet, Taxable Person with annual Revenue Exceeding AED 50 Million/per tax period and all Qualifying Free Zone Persons must have an audited financial statement. 

Taxpayers that have transactions with related parties and make payments to connected persons will need to maintain Transfer Pricing Documentation: General Documentation and Master File & Local File.

As per the law, the Documents retentions period is 7 years after the end of the relevant tax period.

Will File My Returns and Pay my Tax Liability in time
The timeline for filling any paying the Tax Return is Nine Months from the end of the relevant Tax Period via the EmaraTax portal ( The portal used by the Federal Tax Authority for Tax person to file and pay the taxes).

Will not be fined
The violations as per the cabinet decisions are :
 - Failing to submit the Tax Return within the timeframe.
 - Submitting the incorrect Tax Return
 - Failing to submit the De-registration application within the timeframe.
 - Failing to maintain necessary data, records and documents and submitting them (Including in Arabic if Requested)
 - Failing to Settle the Payable Tax within the time frame
 - Failing to submit Voluntary Disclosure in relation to errors ( In Tax Returns or Tax Assessment )
 - Failure to facilitate the Tax Auditor
 - Any other violation specified under the Tax Law or Cabinet Decision. 

A taxable person should ensure avoiding the above violations as the amount of Administrative Penalty, as per Cabinet Decision, will be up to two times the amount of Tax in Respect of which the administrative penalties assessment was issued.

Will contact BSA for advice
Tax planning is frustrating enough, and expert advice is always needed. BSA is a regional law firm in the Middle East with 9 offices across 5 countries. Our diverse team of 150 lawyers are from 35 different cultural backgrounds and can speak 22 languages. The Tax team are ready to asses and advice in any Tax matter, not only Corporate Tax related, when needed. 

If you were struggling ticking off your 2024 To Do List reach out to us and we are ready to help.

This article was written by tax lawyer Shamma Al Falahi and focuses on UAE Corporate Tax

BSA is a regional Law Firm in the Middle East with offices in the UAE, Oman and Saudi Arabia. As a full-service law firm our practice areas include litigation, arbitration and corporate services, including M&A, banking & finance, Intellectual Property, TMT, Fintech, employment and insurance.

Published on 03 January, 2024.