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What is the meaning of financial year starting on or after 01.06.2023 in UAE

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February 23, 2022

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3 mins read

Country UAE
Tax Corporate Tax

Question – What is the meaning of financial year starting on or after 01.06.2023 in UAE ?

Answer – The business entities in the UAE currently  have an option to follow either financial year, calendar year or any other 12 month period as a Financial Year for accounting purpose. The CT will be applicable from the first accounting year starting on or after 01.06.2023. For example,  where a company follows a financial year from 01.01.2023 to 31.12.2023, then in such case the CT will be applicable from 01.01.2024 to 31.12.2024, i.e. first accounting year after 01.06.2023.

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Arinjay Jain

Bio of author

Arinjay is a Chartered Accountant with more than 20 years of post-qualification experience. He worked as Director, in the M&A Tax Division at KPMG in India. Presently, he is advising several MNCs in UAE on Economic Substance Regulations and impact of the UAE Corporate Tax Law on their business and clients across globe on International Tax issues . He is a well recognised Trainer of International Tax and UAE Corporate Tax. The areas of service include the following : - Advise and Compliance relating to International Tax Issues; Advise relating to UAE Corporate Tax Issues; Advise and Compliance relating to UAE Economic Substance Regulations; Advise and Compliance relating to Indian Income Tax Issues; Other connected matters from a Regulatory perspective.

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