Answer:
For UAE Corporate Tax (CT) purposes, all records and documents must be kept for at least seven years following the end of the relevant Tax Period. This applies to both Taxable Persons and Exempt Persons, with specific obligations depending on their status.
(Article 56 of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses)
What records should be kept?
Taxpayers are required to prepare and maintain financial statements and retain all supporting documents that justify the information reported in:
- Corporate Tax Returns
- Any other filings or communications with the Federal Tax Authority (FTA)
Examples of documents include:
- General ledgers
- Trial balances
- Invoices and contracts
- Bank statements
- Payroll records
- Asset registers
- Transfer pricing documentation (if applicable)
What about exempt persons?
Even if a business qualifies as an Exempt Person, it must still keep records that clearly demonstrate the basis of the exemption for seven years after the end of the Tax Period.
Legal basis:
- Article 56 of Federal Decree-Law No. 47 of...