UAE published Ministerial Decision No. 82 of 2023 on the Determination of Categories of Taxable Persons Required to Prepare and Maintain Audited Financial Statements for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses
This Ministerial Decision was published on 10 April 2023 and is in effect from 25 April 2023.
This Ministerial Decision provides that the following Taxable Persons shall prepare and maintain audited financial statements:
- Taxable Persons deriving revenues exceeding AED 50,000,000 ($13.6 million); and
- Qualifying Free Zone Persons (QFZP).
Alia Noor (FCMA, CIMA, MBA, GCC VAT Comp Dip, Oxford fintech programme, COSO Framework)
Ahmad Alagbari Chartered Accountants