GTL Summary:

Cabinet Decision No. 74 of 2023 mandates specific requirements for maintaining accounting records and commercial books to ensure tax compliance. Article 2 stipulates that these records must evidence payments, receipts, purchases, sales, revenues, and expenditures. It explicitly requires documents such as balance sheets, profit and loss accounts, wage records, fixed asset registers, and inventory statements. Additionally, taxpayers must retain supporting documents like invoices, contracts, and details of any tax assessments or calculations made in relation to their business affairs.

Document Type: ERS - Executive Regulations
Law: Tax Procedures (FDL No 28 of 2022)
Decision Number: executive-regulations-74-article-2
Year: 2023
Country: 🇦🇪 UAE
Official Name: Article 2 - Keeping Records
Last updated at: 2026-01-02 15:13:10 UTC

Article 2 - Keeping Records

  1. Accounting records and commercial books shall include the following:

    1. Records and books in relation to Business, which evidence or in which payments and receipts, purchases and sales, revenues and expenditures are recorded, as well as any matters as may be required under the Tax Law or any other applicable law, including but not limited to:

      1. Balance sheet and profit and loss accounts.

      2. Records of wages and salaries.

      3. Records of fixed assets.

      4. Inventory records and statements (including quantities and values) at the end of any relevant Tax Period and records of stock counts related to inventory statements.

    2. All documents supporting the entries in the accounting records and commercial books, including but not limited to:

      1. Correspondence, invoices, licences and contracts related to the Business.

      2. Documents containing details of any election, assessment, determination or calculation made by a Taxpayer in relation to the Tax affairs of its Business, including the basis, or method of assessment, determination or calculation made.

  2. In addition to the accounting records and commercial books referred to in Clause (1) of this Article, the Authority may request any other information in order to verify, through a series of auditable documents, the Person’s Tax obligations, including their responsibility to register for Tax purposes.

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