Ministerial Decision No. 114 of 2023 on Accounting Standards and Methods for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses

The Minister of State for Financial Affairs has decided: 

- Having reviewed the Constitution,

- Federal Law No. 1 of 1972 on the Competencies of Ministries and Powers of the Ministers, and its amendments,

- Federal Decree-Law No. 13 of 2016 on the Establishment of the Federal Tax Authority, and its amendments, 

- Federal Decree-Law No. 28 of 2022 on Tax Procedures, 

- Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses,

Decided: 

Article 1 — Definitions 

The terms and expressions in this Decision shall have the same meanings specified in the Federal Decree-Law No. 47 of 2022 referred to above (“Corporate Tax Law”), and the following words and expressions shall have the meanings assigned against each, unless the context otherwise requires:

Financial Statements: A complete set of statements as specified under the Accounting Standards applied by the Taxable Person, which includes, but is not limited to, statement of income, statement of other comprehensive income, balance sheet, st...