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Corporate Tax: Categories of taxable persons who require a financial audit
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The UAE government has released a new update regarding taxable persons who must prepare and maintain audited financial statements, and here are a few things you should know about it for your business.
With the corporate tax in UAE coming into effect on June 1, 2023, it is high time businesses in the UAE start preparing for the upcoming changes in taxes and accounting practises. One of the important things you should know is about the taxable persons who are required to prepare and maintain audited financial statements. Let us take a clearer look at the accounting services required for corporate tax and who all falls under this category
According to Ministerial Decision No. 82 of 2023 on the determination of taxable persons required to prepare and maintain audited financial statements for the purpose of Federal Decree Law No. 47 of 2022 on the taxation of corporations and businesses, these are the categories of taxable persons who should prepare and maintain audited financial statements.
- Any taxable person generating revenue exceeding 50 million Dh during the relevant tax period
- A qualifying free zone person- It is a business entity that maintains sufficient economic substance, generates Cabinet-specified income, follows the transfer pricing rules, and has the relevant documents.
From the start, the UAE government has been trying to keep up with global standards of corporate tax to make it fair for foreign investments and local businesses. This new update is also part of it, and it ensures that the tax benefits of free zones are not exploited and that the transactions are properly recorded, and the needed records are maintained.
As said in the beginning, it is high time to start preparing for corporate tax, and with the new decision, it is almost a necessity to have properly audited financial statements in the business. The importance of having proper accounting practises and maintaining records is crucial for your business at this point, and Alchemist Accounting is here to best assist you in the coming accounting regime and prepare your business for it. Need to know more about corporate tax and the accounting preparations needed for corporate tax in UAE? Reach out to us at +971582660929 to learn more about the new updates.
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Accounting Supervision Services in Dubai UAE
Dubai has a growing economic landscape, where economic activities thrive, the need for robust financial oversight has never been more critical. One of the key elements contributing to this oversight is effective accounting. However, the complexity of financial transactions and the dynamic regulatory environment in the UAE make it imperative for businesses to go beyond traditional accounting practices. This is where Accounting Supervision Services play a pivotal role, ensuring that financial processes are not just managed but strategically supervised for optimal outcomes.
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Accounting & Book keeping for Saudi SME’s made easier
It was during the summer of 2017, one of our clients who have companies in Dammam and Dubai asked me whether we can manage his accounting data entry and reporting for Saudi also in addition to what we do for his company in Dubai.
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Audit requirement for Bahrain companies
Commercial companies are required to submit their audited annual reports for review and analysis in accordance with Bahrain’s commercial companies law, decree law no. 21 of 2001 and revised decree law 50 of 2014.
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VAT Summit held at Manama, Bahrain
*Date : 28 April 2019 * Venue: Crown Plaza Hotel, Manama, Bahrain
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Value Added Tax (VAT) – Are you ready?
Value Added Tax in UAE The much awaited Value Added Tax is just a couple of months away. Here is the 3 key elements to check readiness of your business to accept the change. Impact assessment: Every organization needs to have an impact assessment by considering the nature of business and type of industry. Even though