According to UAE legislation (Article 4 of Ministerial Decision No. 114 of 2023), taxpayers are required to prepare annual financial statements, including a Statement of Financial Position and a Statement of Profit or Loss and Other Comprehensive Income. The preparation of financial statements must comply with International Financial Reporting Standards (IFRS).
Additionally, corporate tax was introduced in the UAE in June 2023, and financial statements are necessary for tax calculation purposes.
Our Services for Comprehensive Corporate Tax Support in the UAE:
-
Company registration as a corporate taxpayer.
All free zone residents, regardless of their tax regime status (whether applying a preferential tax regime or not), and mainland residents must register for corporate tax purposes. -
Preparation of financial statements in compliance with IFRS.
-
Organizing the audit process with local auditors in the UAE.
Details about audit requirements under UAE legislation can be found in our article. Note that audits are not always mandatory. -
Performing tax adjustments and calculating the corporate tax base.
-
Filing and submission of tax returns to UAE tax authorities.
This process is still being refined in the UAE, and we continuously monitor updates. Further details about corporate tax and its application are available in our guide.
Cost:
- Determined based on the volume and complexity of the organization’s activities.
- Company registration as a corporate taxpayer is provided free of charge when signing a comprehensive service agreement with us.
When Should You Start Preparation?
We recommend starting the preparation of financial statements for 2024 without delay. If a company was registered before 2024, IFRS requirements dictate that comparative figures for the Statement of Financial Position as of December 31, 2023, and January 1, 2023, must be calculated when preparing the 2024 financial statements.
Why Choose Us?
- Extensive experience: Since 2016, we have been preparing IFRS-compliant financial statements for Controlled Foreign Companies (CFCs), including those registered in the UAE. Our clients operate in industries such as trade, holding companies, investment operations in securities markets, and maritime companies managing or owning vessels (including private yachts).
- Minimizing reliance on local services: Leveraging our expertise, we minimize the involvement of local accounting and auditing firms, whose processes may not always be clear to clients. At the same time, we maintain strong business relationships with local accountants and auditors in the UAE for cases where their assistance is necessary.
- Qualified specialists: Our team’s expertise in IFRS and the use of the EMARATAX service (an online tax return filing system) enables us to perform most actions remotely.
