The UAE Ministry of Finance has issued amendments to Ministerial Decision No. 82 of 2023, updating the rules on audited financial statements under the Corporate Tax Law, according to an official statement.
The updated decision outlines the requirement for all tax groups to prepare audited special purpose aggregated financial statements under Federal Decree-Law No. 47 of 2022. However, individual members within a tax group will not be required to prepare audited stand-alone financial statements.
The Ministry stated that the changes aim to streamline compliance obligations for tax groups while maintaining the overall audit requirements for corporate tax purposes. The Federal Tax Authority (FTA) is expected to issue further guidance on the structure and preparation of these special purpose aggregated financial statements.
The updated decision also includes procedural clarifications for Qualifying Free Zone Persons involved in the distribution of goods or materials within or from a Designated Zone. The FTA will release additional guidance to support businesses operating under the Free Zone Corporate Tax regime.
The UAE introduced its corporate tax framework in 2023, with a 9% rate applicable to most business profits exceeding Dh375,000. Certain entities, including those in designated Free Zones, may qualify for exemptions under specific conditions.
