Is it mandatory to keep accounting records and submit financial statements in the UAE?

All companies in the UAE must provide financial statements prepared in accordance with IFRS.

In addition, proper accounting and bookeeping will help companies justify their profits and the source of income, which will facilitate filing tax returns without errors.

All transactions must be recorded and supported by invoices and other supporting documents such as contracts, bills of lading, etc.

The starting point for calculating taxable income will be the accounting profit/loss.