- 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.
Latest Posts in "United Arab Emirates"
- UAE Finance Ministry Issues New E-Invoicing Resolutions
- E-Invoicing Revolution in the UAE & The Peppol 5-Corner Model Explained
- Dubai motorists to pay 5% VAT on Salik toll charges from June 1
- Salik to Add 5% VAT on Toll Tariffs and Tag Activation Fees
- Dubai Parking and Toll Fees to Get 5% VAT from June 1
