UAE Corporate Tax Law: Who should prepare and maintain audited financial statements?

May 2023

The UAE’s Ministry of Finance has issued Ministerial Decision No. 82 of 2023 specifying that the following categories of Taxable Persons shall prepare and maintain audited financial statements for the purposes of Clause 2 of Article 54 of the UAE Corporate Tax Law:

 ·         A Taxable Person deriving revenue exceeding AED 50,000,000 during the relevant Tax Period; and

 ·         A Qualifying Free Zone Person.

Whilst we wait for further decisions and clarifications, the above should serve as a reminder to all Taxable Persons in the UAE to start keeping accounting records.

As per Article 56 of the Corporate Tax Law, a taxable person shall maintain accounting records and supporting documents for at least 7 years and prepare financial statements that comply with internationally accepted accounting standards.

To know more details about this latest update, please get in touch with us at info@rb-dubai.com