UAE issues new corporate tax rules for businesses
Tax groups in the UAE must now prepare audited aggregated financial statements under new Corporate Tax rules.
The UAE has announced updated tax rules to improve financial transparency and compliance under the Corporate Tax Law.
The Ministry of Finance has issued a revised Ministerial Decision outlining requirements for the preparation and maintenance of audited financial statements, in accordance with Federal Decree-Law No. 47 of 2022.
Under the new rules, all tax groups must prepare audited special purpose aggregated financial statements. However, to ease the compliance burden, individual entities within a tax group will not be required to submit stand-alone audited statements.
The Federal Tax Authority (FTA) will issue further guidance on how to prepare these special purpose statements for tax purposes.
The decision also introduces clarifications for Qualifying Free Zone Persons involved in the distribution of goods from Designated Zones, ensuring they can continue to benefit from the Free Zone Corporate Tax regime with greater certainty.
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