emirates7 - The Ministry of Finance has announced updates to Ministerial Decision No. 82 of 2023 regarding Audited Financial Statements for Corporate Tax Purposes. The revised decision provides clearer guidelines on the preparation and maintenance of audited financial statements in line with the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (Corporate Tax Law).

Under the updated decision, tax groups are now required to prepare audited special-purpose aggregated financial statements. However, to reduce the compliance burden on tax groups and align with the UAE's business-friendly environment, individual members of the tax group will not be obligated to prepare separate audited financial statements.

The Federal Tax Authority (FTA) will issue additional guidance on the framework for preparing special-purpose aggregated financial statements for Corporate Tax purposes.

The decision also provides clarification on procedures for Qualifying Free Zone Persons involved in distributing goods or materials within or from a Designated Zone. The FTA will release further guidance to ensure that businesses in distribution can confidently benefit from the Corporate Tax Free Zone regime.