Taxable persons eligible for small business relief must submit simplified corporate tax returns: FTA

The Federal Tax Authority (FTA) has reminded taxable persons eligible for small business relief that they must continue to meet all their obligations under the Corporate Tax Law for each tax period. This ongoing compliance is crucial for maintaining their eligibility and ensuring accurate tax assessments.

Key obligations include registering for Corporate Tax, submitting simplified tax returns, and meticulously maintaining all relevant records. These records are essential for the FTA to verify revenue, taxable income, and confirm eligibility for the small business relief scheme. The authority stresses that proper documentation is vital for transparency and accountability.

The FTA urges all taxable persons, as well as exempt persons who are required to register, to submit their Corporate Tax returns or annual declarations and pay any outstanding tax due within nine months of their respective tax period or financial year. The authority also highlighted the importance of early preparation, advising taxpayers to gather all necessary documents well in advance to complete their returns accurately and on time.