UAE FTA Issues Decision No. 7 of 2024: Extends Deadline for Filing Tax Returns and Settling Corporate Tax for Specific Periods.

According to the new decision, taxable entities that meet the following criteria now have until 31 December 2024 to file their tax returns and settle any corporate tax liabilities:

1. The taxable entity was incorporated, established, or recognized under UAE legislation on or after 1 June 2023.
2. The entity’s tax period ended on or before 29 February 2024.

This extension applies both to the submission of tax returns as outlined in Article 53 of Federal Decree-Law No. 47 of 2022 and the settlement of corporate tax payable under Article 48 of the same law.

The FTA's decision aims to provide relief and flexibility to businesses that have been recently incorporated and face shorter tax periods. All eligible entities are encouraged to make use of this extension to ensure compliance with corporate tax regulations by the new deadline.