Latest news with #MinisterialDecisionNo.82
Hi Dubai
14-04-2025
- Business
- Hi Dubai
UAE Updates Corporate Tax Rules: Audited Statements Now Mandatory for Tax Groups
The UAE Ministry of Finance has issued amendments to Ministerial Decision No. 82 of 2023, refining the rules on audited financial statements under the Corporate Tax Law. The move aligns with Federal Decree-Law No. 47 of 2022, ensuring greater clarity and consistency for businesses operating in the country. Under the updated decision, all tax groups are now required to prepare audited special-purpose aggregated financial statements. This measure aims to enhance transparency while maintaining the UAE's reputation as a business-friendly hub. To ease the compliance burden, the Ministry confirmed that individual members of a tax group will not need to prepare separate audited stand-alone financial statements. The Federal Tax Authority (FTA) is expected to release detailed guidance on how these special-purpose aggregated financial statements should be prepared for Corporate Tax compliance. In addition, the decision provides clarity for Qualifying Free Zone Persons involved in the distribution of goods or materials within or from Designated Zones. Further guidance from the FTA will help ensure that these entities can confidently benefit from the Free Zone Corporate Tax regime, especially those in the distribution sector. These amendments underline the UAE's ongoing efforts to balance regulatory clarity with ease of doing business, supporting a competitive tax environment while ensuring compliance with global standards. News Source: Emirates News Agency
Zawya
14-04-2025
- Business
- Zawya
UAE: Ministry of Finance amends Ministerial Decision on Audited Financial Statements for Corporate Tax Purposes
The Ministry of Finance has announced amendments to Ministerial Decision No. 82 of 2023 on Audited Financial Statements for Corporate Tax Purposes. The Ministry has issued an updated Ministerial Decision clarifying the requirements for the preparation and maintenance of audited financial statements in accordance with Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (Corporate Tax Law). The updated decision sets out clear requirements for tax groups to prepare audited financial statements. All tax groups will be required to prepare audited special purpose aggregated financial statements. However, to mitigate the compliance burden on tax groups and in line with the UAE's commitment as a business-friendly jurisdiction, the underlying members of the tax group will not be required to prepare audited stand-alone financial statements. The Federal Tax Authority (FTA) will issue further guidance on the framework for the preparation of special-purpose aggregated financial statements for Corporate Tax purposes. The new decision also clarifies procedures for Qualifying Free Zone Persons engaged in distributing goods or materials in or from a Designated Zone, for which the FTA will issue further guidance. This guidance will ensure distribution businesses are able to enjoy the benefits of the Corporate Tax Free Zone regime with certainty.
Al Etihad
14-04-2025
- Business
- Al Etihad
Ministry of Finance amends Ministerial Decision on Audited Financial Statements for Corporate Tax Purposes
14 Apr 2025 14:43 ABU DHABI (WAM)The Ministry of Finance has announced amendments to Ministerial Decision No. 82 of 2023 on Audited Financial Statements for Corporate Tax Ministry issued an updated Ministerial Decision clarifying the requirements for the preparation and maintenance of audited financial statements in accordance with Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (Corporate Tax Law).The updated decision sets out clear requirements for tax groups to prepare audited financial statements. All tax groups will be required to prepare audited special purpose aggregated financial to mitigate the compliance burden on tax groups and in line with the UAE's commitment as a business-friendly jurisdiction, the underlying members of the tax group will not be required to prepare audited stand-alone financial Federal Tax Authority (FTA) will issue further guidance on the framework for the preparation of special-purpose aggregated financial statements for Corporate Tax purposes. The new decision also clarifies procedures for Qualifying Free Zone Persons engaged in distributing goods or materials in or from a Designated Zone, for which the FTA will issue further guidance. This guidance will ensure distribution businesses are able to enjoy the benefits of the Corporate Tax Free Zone regime with certainty.
