Insights

Notes on UAE tax, accounting and audit

General guidance on VAT, Corporate Tax, financial reporting and audit, based on UAE legislation and published FTA guidance.

Record Keeping That Supports a Corporate Tax Return

A Corporate Tax return is only as reliable as the records behind it. Here is what to keep, and why the schedules matter as much as the numbers.

Qualifying Free Zone Person status depends on conditions that are tested across the period — not confirmed once at year end.

Most VAT corrections trace back to a return that was filed from unreconciled data. A short pre-filing reconciliation avoids the disclosure later.

Both are accepted for UAE Corporate Tax purposes, but the availability of IFRS for SMEs depends on meeting the applicable revenue condition.

Control frameworks scale badly when copied from large organisations. A small number of well-chosen controls does more.

Most of the effort in a first audit goes into assembling records that could have been maintained through the year.

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