- Starting with tax periods from January 1, 2025 (affecting 2026 filings), all Qualifying Free Zone Persons (QFZPs) in UAE free zones must undergo a mandatory audit, regardless of income level.
- The previous AED 50 million income threshold for audit exemption has been eliminated.
- All QFZPs must prepare audited special-purpose financial statements, including those in tax groups.
- Businesses must budget for audit costs and plan to meet new compliance deadlines.
- Only entities registered and operating in UAE free zones with a valid trade license qualify as QFZPs; mainland, DIFC, and onshore companies do not.
Source: nrdoshi.ae
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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