The UAE companies have been maintaining accounts as per the Commercial Companies Law and the regulations of some free zone authorities. However, after the introduction of VAT from January 2018, the taxable companies were required to maintain the records for VAT purposes also. The VAT Law has mandated that the VAT-registered companies should maintain the financial records properly for a minimum of 5 years and 15 years for real estate companies. This has made the companies to organise their accounting & bookkeeping tasks efficiently to comply with the Federal Tax Authority (FTA) standards. Hiring the services of the best accounting & bookkeeping firm in Dubai, UAE is the best solution to maintain the proper records for the purposes of VAT filing.
Source: jcauaeaudit.com
