As September 30 nears, the Federal Tax Authority (FTA) calls Corporate Tax taxpayers to finalize their tax records, submit their tax returns and pay corporate tax due for the relevant tax periods within the specific deadlines.

In this press release, FTA also emphasized that filing complete and accurate tax returns (or annual declarations) and paying taxes owed by taxpayers is a fundamental legal obligation sofailure to comply will result in administrative fines and penalties which may cost from AED500 per month and above for failure to submit the tax return on time and a monthly penalty of (14%) per annum for failure to pay the tax due on time, for each month or part thereof, to be imposed on the payable tax amount not paid from the day following the due date of payment and on the same date on a monthly basis thereafter.

It highlighted the importance of preparing the documents needed to file the corporate tax return as early as possible, ensuring that all required information is available and submitted within the specified timelines. Some documents needed before beginning the filing process are commercial licenses, financial records, and business activity details.

The FTA has also issued a detailed guide on making corporate tax payments through EmaraTax platform which aims to help the taxpayers to meet their obligations with ease and clarify which can be found on their website.

Connect with us should you need any assistance in filing your corporate tax return and paying the related corporate tax due.