With the inspection notices from DIEZ that everyone has been receiving, I thought it would be good to get some input from the community.
I have been in contact with IFZA and they maintain that there are no audit requirements for IFZA companies. For reference, my company was incorporated in 2022.
As part of the DIEZ inspection, I shared that I do not have audited financial statements as it was not a requirement for 2022-23, and my accounts are in the process of being finalized for 2023-24. They had no issue with this and asked me to send across the rest of the information they requested. Within an hour of submission, I received an email that I had passed their inspection....
I have looked at the corporate tax regulations, and even here there is no audit requirement if your revenue is less than AED 50 million during a relevant tax period or if you're not regarded as a QFZP (to get 0% tax).
As such, I'm not sure if an audit is actually required.
Thoughts?
I have been in contact with IFZA and they maintain that there are no audit requirements for IFZA companies. For reference, my company was incorporated in 2022.
As part of the DIEZ inspection, I shared that I do not have audited financial statements as it was not a requirement for 2022-23, and my accounts are in the process of being finalized for 2023-24. They had no issue with this and asked me to send across the rest of the information they requested. Within an hour of submission, I received an email that I had passed their inspection....
I have looked at the corporate tax regulations, and even here there is no audit requirement if your revenue is less than AED 50 million during a relevant tax period or if you're not regarded as a QFZP (to get 0% tax).
As such, I'm not sure if an audit is actually required.
Thoughts?
