The UAE Corporate Tax regime will become effective for financial years starting on or after 1 June 2023.
Example: A business that has a financial year starting on 1 July 2023 and ending on 30 June 2024 will become subject to UAE Corporate Tax from 1 July 2023 (which is the beginning of the first financial year that starts on or after 1 June 2023). A business that has a (calendar year) financial year starting on 1 January 2023 and ending on 31 December 2023 will become subject to UAE Corporate Tax from 1 January 2024 (which is the beginning of the first financial year that starts on or after 1 June 2023).
Specific guidance is yet to be provided by the FTA on how a company registering for Corporate Tax may choose its financial year. However, it is presumed that this choice shall be made by the company at the time of registering for Corporate Tax.
The UAE Corporate Tax regime will become effective for financial years starting on or after 1 June 2023.
Example: A business that has a financial year starting on 1 July 2023 and ending on 30 June 2024 will become subject to UAE Corporate Tax from 1 July 2023 (which is the beginning of the first financial year that starts on or after 1 June 2023). A business that has a (calendar year) financial year starting on 1 January 2023 and ending on 31 December 2023 will become subject to UAE Corporate Tax from 1 January 2024 (which is the beginning of the first financial year that starts on or after 1 June 2023).
Specific guidance is yet to be provided by the FTA on how a company registering for Corporate Tax may choose its financial year. However, it is presumed that this choice shall be made by the company at the time of registering for Corporate Tax.