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Free Zone companies - audited financial statements

andrew28fl

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Apr 17, 2020
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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.
 
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.

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