UAE corporate tax: How to report non-deductible expenses? – The National

UAE corporate tax: How to report non-deductible expenses? – The National

As the clock ticks down to May 31, the first fiscal year of corporate tax will roll over into the second fiscal year. So, how should you be preparing your financials to report to the Federal Tax Authority? Will it be just the entity's financials that you'll be reporting? There's a lot we don't know, but there's also enough information to put together a jigsaw puzzle of the different elements.So, let's take a step back and imagine the various streams that will make up the returns we'll all have to file. This is possible thanks to VAT, excise tax and Economic Substance Reporting (ESR) over the past few years.Each has its own unique characteristics, but there's a certain identifiable approach to each. The question is, how many elements will there be?It will likely start by confirming the entity's details. If you are required to update your formation docs, trade licence, etc., it's probably a good idea to do so now, in case it delays submission.I assume this is also where you'll be asked to declare the identity of your entity. For instance, is it domiciled in a foreign jurisdiction? Is it part of an international group? Is it an unincorporated