By Staff Reporter
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
