Dubai, UAE, 2024-Mar-31 — /EPR Network/ — With the implementation of Corporate Tax in the UAE effective June 1, 2023, businesses operating in the emirate are facing crucial deadlines for registration in 2024. Leading consultancy and accounting firm Reflechir, recognized for its expertise in UAE tax matters, is offering valuable guidance to businesses navigating this essential process.

The Federal Tax Authority (FTA) issued Decision No. 3 of 2024 on February 27, 2024, outlining specific deadlines for companies to register for Corporate Tax. As per the decision, any “Taxable Person” as defined by UAE Corporate Tax Law must be registered with the FTA and obtain a Tax Registration Number (TRN) within the stipulated timeframe. Businesses are advised to pay close attention to these deadlines to ensure compliance and avoid potential administrative penalties.

Key Deadlines for UAE Corporate Tax Registration (2024)

Resident Entities Incorporated Before March 1, 2024: The deadline for registration hinges on the month the business license was issued. Businesses with licenses issued in January or February, regardless of the year, must submit their registration applications by May 31, 2024. Subsequent deadlines follow a monthly sequence, with June licenses requiring registration by August 31 and July licenses by September 30.

Non-Resident Persons: Branches of foreign entities established in the UAE before March 1, 2024, have nine months to register from their establishment date, as highlighted by the FTA on its official website. Branches set up on or after March 1, 2024, have a shorter window of six months to complete registration.

Natural Persons Conducting Business: Resident natural persons exceeding the AED 1 million business activity threshold, as outlined in the UAE Corporate Tax Law, need to register by March 31 of the following year. Non-resident natural persons meeting the same criteria have three months from the date they become liable for tax to register.

Consequences of Missing the Deadline

Failing to register for Corporate Tax within the stipulated timeframe can result in an administrative penalty of AED 10,000 as per Cabinet Decision No. 75 of 2023. This emphasizes the importance of timely registration for businesses to avoid unnecessary financial repercussions.

How Reflechir Can Help

Reflechir offers a comprehensive suite of services to assist businesses with UAE Corporate Tax registration. Their team of tax specialists, with in-depth knowledge of the regulations as outlined in Decision No. 3 of 2024, can ensure a smooth and efficient registration process.

Here’s how partnering with Reflechir can benefit your business:

Expert Guidance: Their team can provide clear and concise explanations of the registration requirements, ensuring businesses understand their obligations and complete the process accurately.

Streamlined Process: Reflechir can handle the registration process on your behalf, minimizing time and effort for your in-house team.

Compliance Assurance: Their expertise helps businesses handle the regulations and ensure they meet all compliance requirements, avoiding potential penalties and ensuring peace of mind.

With deadlines approaching, businesses in the UAE are urged to contact Reflechir for a consultation and to ensure timely registration for Corporate Tax. Their team is readily available to answer questions, assess your specific situation, and provide tailored solutions that meet your business needs.

Contact: Mr Faisal Jawad, Managing Partner, Reflechir Consultancy, info@reflechir.org, +971-6-531 1725