Maintenance of Audited Accounts Statements by Taxable PersonsFederal Tax Authority Decision No. 5 of 2023 stipulates the conditions for changing the tax period for corporate tax purposes. The decision puts a specific criterion for taxable persons to qualify for change of their tax period, effective from 1st June 2023. Therefore, it is imperative for taxable persons to seek the services of tax consultants UAE to seamlessly determine their tax period and to stay compliant with tax standards.
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Accounting Standards and Methods for Purposes of Corporate Tax in UAEMinisterial Decision No. 82 of 2023 1 was recently issued following some amendments to the UAE Corporate Tax Law. The newly annexed law determines the categories of taxable persons who are required to maintain and prepare audited accounts statements in line with international standards towards a minimum corporate tax rate. Essentially, businesses must establish whether they are taxable, exempt or a qualifying free zone person. ... Thus, it is imperative for taxable persons to seek the services of Tax Consultants UAE to seamlessly implement tax standards and to stay compliant.Requirements as per the Ministerial Decision No. 82 of 2023: –Under the Ministerial Decision No. 82 of 2023, the following persons are required to maintain and prepare audited financial statements as listed below: – Compliance date for 1st October 2023: – – The deadline for Qualifying Public Benefit Entity is 1st October 2023 Compliance date for 1st June 2024: – The below stated categories deadline is 1st June 2024 – Qualifying Investment Fund – A Public Pension/social security Fund – A Private Pension/social security Fund – A Juridical entity controlled by Government Entity partially or wholly Exemption from Corporate Tax, UAE The mentioned taxable persons below qualify to file for an exemption request from corporate tax if the necessary requirements are satisfied. Read moreRead More Download Law |
