Participation Exemption for Purposes of Corporate Tax in UAE

Ministerial Decision No. 114 of 2023 on the Accounting Standards and Methods for the purposes of corporate tax stipulates that a Taxable Person shall apply the International Financial Reporting Standards (“IFRS”)

If the Taxable Person derive Revenue that does not exceed AED 50,000,000 (fifty million United Arab Emirates dirhams) for small and medium-sized entities

...Whereas, Financial Statements refers to an entire set of statements as specified under the Accounting Standards applied by the Taxable Person, which include and is not limited to statement of income,
statement of other comprehensive income, balance sheet, statement of changes in equity and cash flow statement. Read more

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