Corporate Tax Filing Documents

Corporate Tax Filing Documents range from financial position statements to foreign tax paid declarations. To prevent any Corporate Tax Penalties, these documents need to be prepared precisely. Understanding the UAE Corporate Tax Filing Document requirements is essential for businesses to ensure accuracy and compliance. A thorough briefing of the documents is presented below.

Corporate Tax Returns Filing

In the UAE, businesses must publicly identify their obligation to pay Corporate Tax through the Corporate Tax Registration process. The Federal Tax Authority (FTA) requires all taxable entities, including those operating in Free Zones, to register for Corporate Tax and acquire a Corporate Tax Registration Number.

Upon receiving a Corporate Tax Registration Number, companies must then file their Corporate Tax Returns. Filing a corporate tax return involves submitting all relevant documentation and information about the company's taxable income and tax liabilities.

Importance of Financial Records in UAE Corporate Tax

To Comply with Rules & Regulations

• Ensuring Compliance : To comply with corporate tax laws and regulations established by UAE tax authorities, businesses need to keep thorough and accurate financial records.
• Impacts of Non-Compliance : Corporate Tax Penalties, fines, and possible legal action may arise from poor financial record-keeping.

Accurate Tax Estimates

• Precise Tax Evaluation : Reliable accounting paperwork allows businesses to calculate their corporate tax taxable income appropriately.
• Possible Error Risks : Inaccurate financial records can lead to tax underpayment or overpayment, resulting in penalties, fines, and audits.

Corporate Tax Return Filing Documents in UAE

Under UAE Corporate Tax rules, businesses must maintain adequate financial records and supporting documentation to substantiate their taxable income and deductions; these records must be retained and produced to the Federal Tax Authority upon request.

Check out the following documents to assist you prepare to file Corporate Tax in UAE:

• Taxable Persons should prepare and maintain accurate financial statements that support the figures reported in the corporate tax return and be ready to provide them if requested by the Federal Tax Authority.
• Receipts for the claimed deductions
• Records serving as proof of asset depreciation for tax purposes
• Documentation related to transfer pricing transactions
• Details of transactions involving related parties
• Details about changes in financial reserves that affect the company's taxable income.
• Statements of financial position to calculate exempt income
• Documentation of exemption status
• Documents from a business loan indicating interest paid
• Records of any foreign taxes paid

Mentioned below are the Penalties for Document Errors in UAE Corporate Tax.

Find out more about Corporate Tax Filing Penalties here.

Corporate Tax Filing Timeline

Corporate Tax must be submitted within 9 months from the end of their respective financial year with all the necessary documents mentioned above.

Here's a brief overview of the Corporate Tax Filing Deadline:

Corporate Tax returns and any associated tax payment must be filed through the EmaraTax portal within nine months after the end of the relevant financial year.

To have a detailed briefing of Corporate Tax Deadlines, check out here.

All of the aforementioned documents are necessary for filing the UAE Corporate Tax. Reyson Badger can keep track of all the documentation required for UAE Corporate Tax and assist you in filing the return. Choose Reyson Badger to file your corporate tax returns and remain compliant.