Resident Juridical Persons with Licences issued in October and November are encouraged to submit their Corporate Tax registration application no later than 30 November 2024, advises the Federal Tax Authority (FTA).

By offering a favorable tax environment for entities operating within designated free zones, the UAE's free zone specific corporate tax rules aim to stimulate economic growth. By offering a 0% tax rate on qualifying income, the rules provide a significant advantage.

Corporate Tax is a tax companies pay on their profits, which are calculated as total revenue minus allowable expenses.

FTA has reminded Resident Judicial Persons with licences issued in June to submit their Corporate Tax applications by August 31, 2024, regardless of the year of issuance.

The Federal Tax Authority (FTA) continues to implement educational events and programmes, targeting various groups and entities involved in the application of Corporate Tax, as part of the second phase of its comprehensive campaign to promote awareness of Corporate Tax among business sectors.

If you've been venturing into entrepreneurship for some time, your dream business is finally taking shape, and you're ready to enter the corporate world, what next? Are you sure that you have checked all the necessary boxes before registering for corporate tax?