Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Free Consultation: 1 hour
The financial landscape in Abu Dhabi, part of the United Arab Emirates (UAE), is grounded on robust regulations which govern all branches of commerce, including the realm of accounting and auditing. High standards of financial integrity are expected of businesses, backed by a stringent legal framework. This domain is regulated by the UAE’s Federal Law No. 2 of 2015 on Commercial Companies, which mandates that all joint-stock companies must have their financial records audited annually by licensed UAE auditors. Additionally, the UAE Federal Law No. 7 of 2017 on Tax Procedures outlines the regulatory requirements pertaining to financial reporting and tax procedures.
Consider hiring a lawyer if you are dealing with accounting and auditing matters, such as tackling complex tax issues, resolving disputes related to financial reporting, prevention and detection of fraud, compliance with financial regulations, navigating audits by government bodies, and broad issues of corporate governance. Legal expertise can be crucial in deciphering the complexities of Abu Dhabi’s financial regulations to safeguard your interests and ensure compliance.
The primary laws concerning accounting and auditing in UAE are the aforementioned Federal Law No. 2 of 2015 and Federal Law No. 7 of 2017, which define audit requirements and establish tax procedures correspondingly. Companies are required to maintain accurate financial records for a period of at least five years. The Anti-Fraud Law (Federal Decree-Law No. 19 of 2016) also outlines legal repercussions in case of fraudulent activities. Furthermore, the UAE has a strong Anti-Money Laundering framework, the Federal Decree-Law No. 20 of 2018, which impacts financial transactions and reporting.
As per the UAE Federal Law No. 2 of 2015, all joint-stock companies are mandated to have their financial records audited annually. However, this requirement doesn't apply to all businesses.
The UAE Federal Law No. 7 of 2017 mandates that companies must maintain their financial records for a minimum of five years.
Yes, the Anti-Fraud Law (Federal Decree-Law No. 19 of 2016) stipulates severe penalties for fraudulent financial activities.
Yes, the Federal Decree-Law No. 20 of 2018 was established to combat money laundering, financing of terrorism and financing of illegal organizations.
Although the UAE does not levy income tax on companies, except for oil companies and branches of foreign banks, it does impose Value Added Tax (VAT) as per the UAE Federal Tax Authority requirements.
Yes, businesses are entitled to recover VAT paid on expenditures meant for business, subject to certain conditions and exclusions.
Yes, the UAE has double taxation treaties with several countries to prevent a taxpayer from being levied in two countries for the same income.
Yes, a person can make a request to the Federal Tax Authority to reconsider any decision within 20 business days of the person being notified of the decision.
A "taxable supply" is any supply of goods or services that can be taxed under the VAT laws, including deemed supplies.
Yes, the Tax Procedures Law in UAE stipulates penalties for tax evasion, which includes providing incorrect information and failure to register for tax when required.
The UAE Federal Tax Authority is the key governmental body overseeing tax regulations and compliance. The Abu Dhabi Department of Finance and the UAE Ministry of Finance provide further resources and guidelines. The UAE Securities and Commodities Authority and the UAE Central Bank also offer regulatory controls and guidelines relevant to financial practices.
If you need legal assistance in accounting and auditing in Abu Dhabi, consider consulting with a legal expert or a professional advisor who specialises in the UAE financial law. They will guide you through the complexities of the local law, help you with regulatory compliance, and represent your interests in case of any financial disputes.
