Ministry of Finance has issued Ministerial Decision No, 82 of 2023 on Determination of categories of Taxable Persons required to prepare and maintain Audited Financial Statements for the purposes of the Federal Decree Law No. 47 of 2022 on Taxation of Corporations and Businesses (“CT law”).
Below are the key highlights of the decision-
The following categories of Taxable Persons are required to prepare and maintain Audited Financial Statements:
- Qualifying Free Zone Person.
- Taxable Person whose revenue exceeds AED 50,000,000 (fifty million United Arab Emirates dirhams) during the relevant Tax Period.