UAE firms must keep tax records to avoid fines

The Federal Tax Authority (FTA) has called on all businesses subject to corporate tax in the UAE to strictly maintain financial records and file their tax returns on time to avoid penalties.

- BY JUSTIN VARGHESE Your Money Editor

The FTA stressed that taxable persons must keep records for at least seven years after the end of each tax period. These include transaction records, assets and liabilities, and shareholdings, which enable the authority to verify taxable income.