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First Taxable Financial Year - Corporate Tax UAE

In the UAE, the entities are free to select any particular period comprising 12 months as an accounting year. Therefore, while the corporate tax in the UAE will be applicable from the financial year starting on June 1, 2023. The applicability of tax will be determined on the basis of the conclusion of the financial year for each of the entities.

We provide an example of the taxable year of an entity in the table below:


Financial Year end First Taxable Period

30 June 1 July 2023 - 30 June 2024

31 December 1 January 2024 - 31 December 2024

31 March 1 April 2024 - 31 March 2025

31 May 1 June 2024 - 31 May, 2025


If an entity does not have any taxable year, then the English calendar year (Gregorian year) will be the tax year.


Currency


All the amounts are required to be converted into UAE dirham using the applicable currency exchange rate which is set by the Central Bank of the United Arab Emirates.



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