UAE Corporate Tax Accounting Record Keeping: A comprehensive guide on UAE corporate tax accounting record-keeping requirements, covering key laws, standards, documentation practices, reporting obligations, applications, and compliance steps for individuals and businesses operating in the United Arab Emirates.
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.,UAE Corporate Tax Accounting Record Keeping
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)
