The Federal Decree-Law No. 47 of 2022 on Taxation of Corporations and Businesses (‘UAE CT Law’) is applicable to Tax Periods commencing on or after 1 June 2023.
The UAE CT Law specifies that the Tax Period of a Taxable Person (other than a natural person) is their Financial Year (‘FY’) or part thereof, for which a Tax Return is required to be filed. This is usually the 12-month period for which the Taxable Person prepares its Financial Statements (‘FS’) or the Gregorian calendar year (i.e. 1 January – 31 December) in other cases.
Where a Corporate Tax (‘CT’) registered Person ceases to be a Taxable Person for any reason, Tax Deregistration application should be filed with the FTA as per the timelines specified in FTA Decision No. 6 of 2023 i.e. within 3 months of the date the entity ceases to exist, cessation of the Business, dissolution, liquidation or otherwise.
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