Free Zone companies - audited financial statements

[andrew28fl]

UAE Corporate Tax: Taxable persons with Dh50m in annual revenues should maintain audited statements

"Qualifying Free Zone Persons (QFZP) are required to maintain audited financial statements irrespective of their gross revenue or net profits," said Deepak Bansal from AskPankaj Tax Advisors. "Being entitled for 0% tax rate on their qualifying income, it is imperative free zones are not used as a route for tax evasion.

Is this a new requirement? I thought the Free Zone companies didn't have to do this.

 

[Dandyline]

andrew28fl said:
UAE Corporate Tax: Taxable persons with Dh50m in annual revenues should maintain audited statements

"Qualifying Free Zone Persons (QFZP) are required to maintain audited financial statements irrespective of their gross revenue or net profits," said Deepak Bansal from AskPankaj Tax Advisors. "Being entitled for 0% tax rate on their qualifying income, it is imperative free zones are not used as a route for tax evasion.

Is this a new requirement? I thought the Free Zone companies didn't have to do this.
Click to expand...

It's new and highly discussed on the forum for many months.

 

[Moonlighter]

It's the opinion of the tax advisor, who sells accounting and audit services.

This has mostly been discussed in this topic, and the news is in line that UAE FTA simply doesn't care about small fish.