Corporate Tax Alert

Art. 25 to 29 of the Decision prescribes the provisions related to Extension of Deadlines, Tax Refund Procedures, Payment of Tax and Administrative Penalties in cases of Bankruptcy etc., which have come into effect as of 1 August 2023.

Extesion of Deadlines

  • The Authority may extend the deadline for a Tax assessment review request and reconsideration for a period of 20 Business Days.
  • The Committee may extend the deadline on a Tax objection for a period of 60 Business Days.
  • The Authority on request may extend the deadline for accepting the submission of a Tax assessmentreview or a reconsideration.
  • The Committee on request may extend the deadline for accepting the submission a Tax objection if there is a reason beyond control, sudden accident, emergency circumstances or force majeure.
  • The requestmust be submitted with reasons and justificationsfor extension

Tax Refund Procedures

  • A Taxpayer may apply for the refund in approved form.
  • The Authority shall decide on the refund application and notify the Taxpayer in 20 Business Days.
  • The Authority shall initiate the repayment within 5 Business Days after accepting the application.
  • The Authority may defer the Tax refund until the receipt of pending Tax Returns at the time of application. Any excess amount shall be refundable after Tax Returns are submitted.

Payment of Tax and Administrative Penalties in Cases of Bankruptcy

  • The appointed trustee shall be treated as representing the Person until the expiration its appointment.
  • The appointed trustee shall notify the Authority within 20 Business Days from the appointment date.
  • The Authority shall notify the appointed trustee of the Due Tax and of its intention to perform a Tax Audit, within 20 Business Days
  • The appointed trustee shall settle Payable Tax in accordance with the Payable Tax settlement mechanism.

Confidentiality and Disclosure of Information

Employees of the Authority, both during and after cessation of their employment, shall not disclose information obtained or accessed during their employment, except in the following cases:

  • The disclosure is made for the purposes of a civil or criminal case before the Competent Court
  • The disclosure is made to a competent government entity
  • The disclosure is made in the implementation of international treaties or agreements
  • Employees of the Authority shall mean the Chairman and members of the Board, the Director General and any other employee of the Authority.
  • For more information, please contact our team at support@ajmstax.com or WhatsApp/call us at +971 58 120 6294.

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