Accounting Standards and Methods under UAE Corporate Tax
Accounting Standards and Methods for Purposes of Corporate Tax in UAE
Ministerial 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.
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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.
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