In accordance with the article 53 of Federal Decree – Law No.47 of 2022 on Taxation of corporations and businesses, a taxable person must file a tax return no later than 9 months from the end of the relevant tax period.
The Federal Tax Authority has provided Corporate Tax Return Format comprising six Sections and necessities the following information :
1) Taxpayer Information
- Taxpayer’s name , TRN , Entity type , tax period etc.
- Tax basis i.e. resident or non- resident
- Revenue for the tax period
- Accounting basis i.e. accrual basis or cash basis of accounting.
2) Elections
In order to apply some of the provisions of Corporate Tax law , taxpayer will need to make the relevant elections for the following:
- Small business relief
- USE of realization basis
- Transfers Within qualifying relief , etc.
3) Schedule of Accounting
- Revenue
- Salary & wages
- Other expenses
- Depreciation and amortization
- Interest income & expenses, etc.
4) Tax Computation
This section outlines the adjustments to accounting income including :
- Realization Basis adjustments
- Transitional Provisions
- Other adjustments to accounting income
- Adjustments for example income
- Adjustments for reliefs
- Adjustments for non – deductible expenditure
- Adjustment for related party and connected persons transactions etc.
5) Additional Information
Mandatory
- Financial Statement
- Documents related to foreign tax credit (if applicable)
Optional
As per the requirement (if any)
6) Review and Declaration
Review and Submit
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