FTA Urges Businesses To File Corporate Tax Returns And Settle Dues By December 2024

The Federal Tax Authority (FTA) has urged businesses liable for Corporate Tax to submit their returns and pay dues within the designated timeframes. This reminder is part of the FTA's efforts to promote voluntary tax compliance across various business sectors efficiently.

In a recent statement, the FTA highlighted that businesses with tax periods ending on or before 29th February 2024 should file their returns and settle taxes by December 2024. This deadline extension aims to prevent penalties for missing legally required deadlines.

The FTA issued Decision (7) of 2024 in September, extending the deadline for filing tax returns and settling Corporate Tax payable to 31st December 2024. This applies to tax periods ending in December 2023, January 2024, or February 2024.

Businesses must adhere to these deadlines to avoid administrative penalties. The FTA emphasized that, apart from extended periods, all businesses must file returns and pay taxes within nine months of their tax period's end.

Khalid Ali Al Bustani, Director-General of the FTA, underscored the necessity of submitting tax returns within specified timeframes. He stated that all registered businesses must comply with deadlines set under the Corporate Tax Law.

Al Bustani also mentioned that FTA representatives maintain ongoing communication with taxable entities. They gather feedback and discuss solutions to any challenges faced, ensuring smooth implementation of tax laws without disrupting economic activities.

The FTA's proactive approach aims to facilitate compliance while supporting businesses in meeting their obligations efficiently. By extending deadlines for certain periods, the authority seeks to ease the burden on businesses during challenging times.

With inputs from WAM