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Every Taxable Person and Exempt Person is responsible for maintaining Accounting Records and documents per UAE Corporate Tax Law.
Accounting Records includes:
- Sales and Purchase Register invoices, Registers
- Sales and purchase delivery notes
- Bank Statements
- Expenses bills
- Loan & Financing related documents
- Other relevant business correspondence
- Business communications
- Assets details including purchases, disposals
- Liabilities
- Stock held at the end of the tax period (opening stock, stock movement, and closing stock)
- Information specified in Tax return
- Any other documents as per FTA
- Financial statements etc.,
Period to be Maintained: Seven (7) Years from the end of the Tax period.
Penalties: Taxable person Failure to keep Accounting Records and documents. Penalties will be AED. 10,000/- for each violation. AED. 20,000/- for repeated same volition within 24 months.
Others:
- A taxable person can maintain Accounting Records either in Physically or Electronically
- Exempt persons are also required to maintain.
Source: https://Federal-Decree-Law-No.-47-of-2022-EN.pdf (mof.gov.ae)
