Article 54 – Financial Statements

1. The Authority may, by notice or through a decision issued by the Authority, request a Taxable Person to submit the financial statements used to determine the Taxable Income for a Tax Period in the form and manner and within the timeline prescribed by the Authority.

2. The Minister may issue a decision requiring categories of Taxable Persons to prepare and maintain audited or certified financial statements.^[1]

3. For the purposes of Clause 1 of this Article, the Authority may request a partner in an Unincorporated Partnership to provide financial statements showing all of the following:

1. 1. The  total  assets,  liabilities,  income  and  expenditure  of  the  Unincorporated Partnership.
   2. The partner’s  distributive  share  in  the  Unincorporated  Partnership’s  assets, liabilities, income and expenditure.

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[1] Ministerial Decision No. 82 of 2023 on the Determination of Categories of Taxable Persons Required to Prepare and Maintain Audited Financial Statements for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses