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How to prepare for Corporate Tax?

1. Read the Corporate Tax Law and the supporting information available on the websites of the Ministry of Finance and      the Federal Tax Authority.
2. Use the available information to determine whether your business will be subject to Corporate Tax and if so, from what date.
3. Understand the requirements for your business under the Corporate Tax Law, including, for example: 

a. Whether and by when your business needs to register for Corporate Tax;
b. What is the accounting / Tax Period for your business; 
c. By when your business would need to file a Corporate Tax return;
d. What elections or applications your business may or should make for Corporate Tax purposes;
e. What financial information and records your business will need to keep for Corporate Tax purposes; 

4. Regularly check the websites of the Ministry of Finance and the Federal Tax Authority for further information and guidance on the Corporate Tax regime.

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