May 24, 2023Dated: | ByManish Kumar Manish Kumar | What is meant by Audited Financial Statements? Audited financial statements are the financial statements of an organization that have been examined by a certified auditor. Are Audited Financial Statements (AFS), mandatory for Corporate Tax filing? Ministerial Decision No. 82 of 2023, mentions the purposes of Clause 2 of Article 54 of the Corporate Tax Law. The following categories of Taxable Persons should prepare and maintain audited financial statements: A Taxable Person earning revenue exceeding AED 50,000,000 (fifty million United Arab Emirates dirhams) during the relevant Tax Period. A Qualifying Free Zone Person. Why is AFS required for Qualifying Free Zone Person? It is mandatory for the Qualifying Free Zone Person to submit the Audited Financial Statement while submitting the annual tax returns in order to avail of the 0% tax benefit eligible on the Qualifying Income. To know details, leave your name and number in the below comment section. Our experts will connect with you.