The UAE’s Ministry of Finance announced today amendments to Ministerial Decision No. 82 of 2023 on audited financial statements for corporate tax purposes.
In the updated ministerial decision, the ministry clarified the requirements for the preparation and maintenance of audited financial statements in accordance with Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (Corporate Tax Law).
The updated decision sets out clear requirements for tax groups to prepare audited financial statements. All tax groups will be required to prepare audited special purpose aggregated financial statements.
However, to mitigate the compliance burden on tax groups and in line with the UAE’s commitment as a business-friendly jurisdiction, the underlying members of the tax group will not be required to prepare audited stand-alone financial statements.
The UAE’s Federal Tax Authority (FTA) said it will issue further guidance on the framework for the preparation of special-purpose aggregated financial statements for Corporate Tax purposes.
The new decision also clarifies procedures for Qualifying Free Zone Persons engaged in distributing goods or materials in or from a Designated Zone, for which the FTA will issue further guidance.
This guidance will ensure that distribution businesses are able to enjoy the benefits of the Corporate Tax Free Zone regime with certainty.
Read: UAE announces new tax rules regarding non-resident nexus for corporate regulations
The announcement comes after the UAE Ministry of Finance disclosed last week the issuance of Cabinet Decision No. 35 of 2025, which addresses the Determination of a Non-Resident Person’s Nexus in the State for the Purposes of Federal Decree-Law No. 47 of 2022 concerning the Taxation of Corporations and Businesses.
