What is the meaning of financial year starting on or after 1 June 2023 in UAE
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February 23, 2022
|3 mins read
| Country | UAE |
| Tax | Corporate Tax |
Question – What is the meaning of the 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 purposes. 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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