03 May 2023
The Minister of State for Financial Affairs has issued Ministerial Decision No. 82 of 2023 to determine the categories of taxable persons required to prepare and maintain audited financial statements for Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses. The decision was made after reviewing several laws and amendments, including the Constitution, Federal Law No. 1 of 1972 on the Competencies of Ministries and Powers of the Ministers, and Federal Decree-Law No. 13 of 2016 on the Establishment of the Federal Tax Authority, among others.
Article (1) of the decision clarifies that the words and expressions used in the decision shall have the same meanings as those specified in the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses.
Article (2) lists the categories of taxable persons required to prepare and maintain audited financial statements. The categories include taxable persons with Revenue exceeding AED 50,000,000 annually and Qualifying Free Zone Persons.
Finally, Article (3) states that the decision shall be published and come into effect 15 days after publication.
What is an Audited Financial Statement?
An audited financial statement helps third parties, such as creditors, other firms, and the government, confirm the accuracy and credibility of the Company's financial records. A company's credibility and trustworthiness are maintained through these audit services . These statements provide documentation of the company's financial performance and its audit trial.
What is Corporate Tax in UAE?
The corporate tax is a direct tax on corporate and other businesses' net income. It is also known in some jurisdictions as "Corporate Income Tax" or "Business Profits Tax."
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We specialize in auditing, accounting, taxation, and advisory services. Our commitment to stay up-to-date with changes in UAE laws and regulations ensures our clients remain well-informed. AMCA prioritizes your success.