All businesses in the UAE (including Free Zone companies) are required to file tax returns with the Federal Tax Authority (FTA), irrespective of whether they are liable to pay any tax and even if they earn no income at all (as in the case of holding companies). To be able to file a tax return, all businesses will have to maintain proper financial and accounting records.
With this, IFZA urges all its Licensees to take this opportunity to align your processes with international business standards and begin implementing proper accounting systems from your current fiscal year onwards so that you will be able to comply with the Corporate Tax requirements.
We can provide you with more information and better advise by contacting our tax consulting specialist