A company can be fined up to 50,000 AED for failure to maintain accounting records.
Without audited financial statements, a business may not be able to renew its trading license. This rule applies to many FREE ZONEs from 01 January 2024, the list of FREE ZONEs that renew licenses in the presence of audited financial statements is expanding.
Accounting is also the basis for the tax base for corporation tax, which became effective from 1 June 2023.
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