The Ministry of Finance announced amendments to Ministerial Resolution No. 82 of 2023, regarding the audited financial statements for corporate tax purposes.
The Ministry stated, in a statement yesterday, that the decision clarifies the requirements for preparing and preserving financial statements in accordance with the decree of a federal law No. 47 of 2022, regarding corporate and business tax “corporate tax law”, within the framework of its efforts to enhance transparency and ensure the application of the criteria for preparing financial reports for companies operating in the UAE under the corporate tax system.
The new decision determines clear requirements for preparing the audited financial statements for tax groups for corporate tax purposes, as all tax groups will be required to prepare an audited financial lists with a special purpose.
In order to alleviate the burden of compliance with tax groups and within the framework of the UAE’s keenness to consolidate a business environment for companies, the main members of the tax group will not be required to prepare separate financial data.
The Federal Tax Authority will also issue more guidelines regarding the framework for preparing the collected financial statements with a special purpose for corporate tax purposes. The new decision will create clarification procedures for qualified persons in charge of the free zone who engage in the activity of distributing goods or materials in or from the specified area, and the Federal Tax Authority will issue detailed instructions in this regard, and these guidelines will ensure that distribution companies can benefit from the benefits of the free zones system for corporate tax.
• The new decision creates clarification procedures for qualified persons in the free zone.
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