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UAE Corporate Tax: Not only companies, individuals need to register too!

Fri 07 Jun 2024    
EcoBalance
Babar Siddiqui | 2 min read

The Federal Tax Authority (FTA) reminded companies and persons in the UAE that have licenses issued in March or April to apply for Corporate Tax registration by June 30, 2024.

Abu Dhabi: The UAE’s Federal Tax Authority (FTA) announced when different businesses and individuals need to apply for Corporate Tax registration. This includes both companies and regular people.

Also read: Indian businesses lead new companies at Dubai Chamber of Commerce in Q1 2024

For people living in the UAE who earn more than AED 1 million in a year, they must apply for Corporate Tax registration by March 31 of the following year. For example, if someone earned over AED 1 million in 2024, they need to apply for registration by March 31, 2025.

Non-residents who make more than AED 1 million from doing business in the UAE also need to apply for Corporate Tax registration. They must do this within three months of meeting the eligibility criteria for Corporate Tax.

To make the registration process easier, the FTA has an online platform called “EmaraTax.” This platform is available all the time, and it only takes about 30 minutes to complete the registration. People who already pay other taxes like VAT can use the same platform to apply for Corporate Tax. Once the application is approved, they will get their Corporate Tax registration number.

Who is a Taxable Person?
Under the Corporate Tax Law, a Taxable Person is either a Resident Person or a Non-
Resident Person. Whether a Person is a Resident or Non-Resident determines the
scope of their tax obligations.

A Resident Person can be:

  1. A juridical person incorporated or otherwise established or recognised under
    the applicable legislation in the UAE (including a Person incorporated,
    established or otherwise registered in a Free Zone);
  2. A juridical person incorporated or otherwise established or recognised under
    the applicable legislation outside the UAE but “effectively managed and
    controlled” in the UAE; or
  3. A natural person that conducts a taxable Business or Business Activity in the
    UAE in accordance with the provisions of Cabinet Decision No. 49 of 2023.

Source: FTA


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