The Federal Tax Authority issued decision No. 82 of 2023 to outline the Categories of Taxable Persons required to prepare and maintain Audited Financial Statements and accordingly they are subject to tax audit Taxable Persons Required to Prepare and Maintain Audited Financial Statements: –
1. A Taxable Person generating Revenue of more than AED 50,000,000 during the relevant Tax Period.
2. A Qualifying Free Zone Person. This new decision will now provide clarity to persons regarding all their concerns related to preparation and maintenance of audited financial statements. This new decision provides relief of not maintaining financial statements to many small and medium enterprises.
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