The Ministry of Finance has announced a deadline for #corporate #tax #registration and as per the Cabinet decision, the first deadline is in the month of May 2024. The most important point is that the deadline is based on the company #registration date which is the entity’s formation date that is mentioned on the trade license; irrespective of the year of issuance. Remember, the deadline is not the same for all entities and the authority has given the time periods and their respective deadlines in the form of a timeline chart. For easy understanding of the deadline, we can divide the company registration date into two. a) Existing companies registered on or before Feb 28th, 2024 b) Companies which is registered or formed on or after 1st March 2024 a) Companies, registered or formed on or before 28th Feb 2024 Suppose the company registration date is • In the month Jan or Feb then the deadline is 31st May 2024 • For March & April registration, the deadline is 30th June 2024 • For companies registered in May, the deadline is 31st July 2024 • For June registration the deadline is 31st Aug 2024 • For July the deadline is 30th Sep 2024 • For Aug & Sep the deadline is 31st Oct 2024 • October and Nov – The deadline is 30th Nov 2024 • For Dec the deadline is 31st Dec 2024. b) Companies which is registered or formed on or after 1st March 2024 All companies registered on or after 1st March 2024 must register for corporate tax within 3 months from the date of registration. There are some categories, which has set out with different timelines such as 6 months or 9 months etc. If we are not applied within the deadline, a penalty of AED 10,000 will be imposed.
