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The documentation and audit requirements under UAE Corporate Tax regime

Note: The Ministry of Finance (“Ministry”) has not released the final law on the Corporate Taxes as of today yet, however this is extracted from the Public Consultation Document on UAE Corporate Tax released by the Ministry of Finance, UAE and this needs to be re-confirmed with the final law to be issued by the Ministry before taking any decision.

 

What is the documentation that is needed to be maintained by the businesses under UAE Corporate Tax regime?

 

A business will be required to maintain financial and other records that explain the information contained within the CT return and other documents submitted to the FTA. Certain exempted persons will also be required to maintain records to allow the FTA to ascertain the person’s exempt status.

 

Is it mandatory to get the financial statements/ books of accounts audited under UAE Corporate Tax regime?

 

Whether the financial statements of a business are required to be audited by an accredited audit firm is and will continue to be determined by applicable company laws and regulations. However, the UAE CT regime will require a Free Zone Person to have audited financial statements if it wants to benefit from the 0% CT regime.

 

It is always recommended to get the books of accounts audited to have clean records to be able to comply with any law relating to the financials and also to know the clear understanding of the profit or loss and the financial position of the business.

 

Reach out to Spectrum Auditing for further details. Call us today for any kind of assistance at +971 4 2699329 or email [email protected] to get all your queries addressed. Spectrum is your partner in your success.

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