Chartered Accountant | Proprietor at Anil Bohra & Associates | Expert in Audits, Taxation and Accounting | Associate Consultant at INDGenius Accounting
𝗧𝗮𝘅 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗨𝗔𝗘: 𝗙𝗔𝗤𝘀 𝗗𝗲𝗰𝗼𝗱𝗲𝗱 𝗪𝗵𝗮𝘁 𝗥𝗲𝗰𝗼𝗿𝗱𝘀 𝗦𝗵𝗼𝘂𝗹𝗱 𝗬𝗼𝘂 𝗞𝗲𝗲𝗽 𝗳𝗼𝗿 𝗨𝗔𝗘 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗧𝗮𝘅 𝗣𝘂𝗿𝗽𝗼𝘀𝗲𝘀? Maintaining proper records is critical to ensure compliance with UAE Corporate Tax (CT) laws. Here's what you need to know: 📑 𝗪𝗵𝗮𝘁 𝘁𝗼 𝗠𝗮𝗶𝗻𝘁𝗮𝗶𝗻: 1️⃣ 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀: All businesses must prepare and retain financial statements that reflect their income, expenses, and overall financial position. These are essential for calculating taxable income. 2️⃣ 𝗦𝘂𝗽𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗗𝗼𝗰𝘂𝗺𝗲𝗻𝘁𝘀: Keep all records that support the information declared in your CT return or other filings. This includes invoices, contracts, receipts, and any relevant correspondence. 3️⃣ 𝗘𝘅𝗲𝗺𝗽𝘁 𝗣𝗲𝗿𝘀𝗼𝗻𝘀: Businesses with exempt status are also required to retain documentation proving their eligibility for exemption. 📊 𝗪𝗵𝘆 𝗥𝗲𝗰𝗼𝗿𝗱𝗸𝗲𝗲𝗽𝗶𝗻𝗴 𝗠𝗮𝘁𝘁𝗲𝗿𝘀: Maintaining accurate and complete records helps ensure: 1. Transparency during tax audits and reviews. 2. Quick resolution of tax queries from the UAE Federal Tax Authority (FTA). 3. Proof of compliance with UAE CT requirements. 📌 𝗪𝗵𝗮𝘁 𝗦𝗵𝗼𝘂𝗹𝗱 𝗬𝗼𝘂 𝗗𝗼? Set up a recordkeeping system to ensure all documents are organized and easy to retrieve for filing or audits. The FTA expects businesses to retain records for at least five years to meet compliance requirements. 𝗛𝗮𝘃𝗲 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀 𝗮𝗯𝗼𝘂𝘁 𝘆𝗼𝘂𝗿 𝗿𝗲𝗰𝗼𝗿𝗱𝗸𝗲𝗲𝗽𝗶𝗻𝗴 𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗲𝘀? 𝗟𝗲𝘁'𝘀 𝗰𝗼𝗻𝗻𝗲𝗰𝘁 𝗮𝗻𝗱 𝗱𝗶𝘀𝗰𝘂𝘀𝘀 𝗵𝗼𝘄 𝘁𝗼 𝘀𝘁𝗮𝘆 𝗮𝘂𝗱𝗶𝘁-𝗿𝗲𝗮𝗱𝘆! 💬 #CorporateTax #TaxCompliance #UAEFinance #RecordKeeping #BusinessCompliance #AuditPreparation INDGenius Accounting INDGenius Accounting UAE CA Sunil Bohara Sachin Gor CA Prem Dosi Arun Baid Charwak Bhargav
