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Preparation and Maintenance of Financial Statement and Audit (Corporate Tax in UAE)

Preparation and Maintenance of Financial Statement and Audit (Corporate Tax in UAE)

Blog / By Master Consultant

Financial Statements (Article 54) in conjunction with Ministerial Decision No. 82 of 2023 stipulate that Taxable Persons are obligated to prepare and maintain audited financial statements. The following categories of Taxable Persons are required to adhere to this mandate: - A Taxable Person whose revenue exceeds AED 50,000,000 (fifty million United Arab Emirates dirhams) during the applicable Tax Period. - A Qualifying Free Zone Person. Furthermore, in accordance with Ministerial Decision 114 of 2023, for the purposes of corporate tax, all entities must prepare standalone or consolidated financial statements by utilizing: - The International Financial Reporting Standards - The Accrual Basis of Accounting - The UAE dirham as the currency for financial reporting.

Record keeping (Article 56)

The Taxable Person is obligated to retain all records and documents for a duration of seven years following the conclusion of the Tax period. The Company is similarly required to preserve these records and documents for a period of seven years.

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