UAE Federal Tax Authority Clarifies Financial Statements and Related Audit Requirements for Tax Groups

The UAE Federal Tax Authority has issued Corporate Tax Public Clarification CTP007 on Financial Statements and Related Audit Requirements for a Tax Group. The following summarizes the issue and primary rules. See the full clarification for a detailed analysis.

---

Issue

The Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, and its amendments ("Corporate Tax Law") applies to Tax Periods commencing on or after 1 June 2023.

A Tax Group is two or more Taxable…