Tax Period

• Tax Period shall be the Financial Year or part thereof for which a Tax Return is required to be filed. Financial Year is Gregorian calendar year, or the 12 months period for which the Taxable Person prepares financial statements.
• Tax Period can be changed by making an application to FTA.
• Taxable Person’s opening balance sheet for Corporate Tax purposes shall be the closing balance sheet prepared for financial reporting purposes under accounting standards applied in the State on the last day of the Financial Year that ends immediately before their first Tax Period commences.