UAE Corporate Tax – Decisions published on audited financial statements and permanent establishment

The Ministry of Finance (MoF) has published the following decisions today:

1. Ministerial Decision No. 82 of 2023 provides that the following categories of taxable persons shall prepare and maintain audited financial statements:

• A person deriving revenue exceeding AED 50,000,000 during the year.
• A Qualifying Free Zone Person.

2. Ministerial Decision No. 83 of 2023 provides for the conditions under which a temporary and exceptional presence of an individual in the UAE would not create a Permanent Establishment for a Non-Resident person. The decisions also list the events or situations of exceptional circumstances, which are beyond the natural person's control:

• Public nature: e.g. adoption of health measures by authorities, travel bans, imposition of legal sanctions on an individual, acts of war, terrorist attacks, occurrence of natural disasters;
• Private nature: e.g. emergency health conditions affecting an individual or its relatives or of similar nature.
  
  As per the decision, FTA can also prescribe any other similar circumstances for this purpose.

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