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Importance of Record Keeping
records of payments and receipts purchases and sales, revenues and expenditures and any business, and any matters as required under any Tax Law or any other applicable law, including:
Balance sheet and profit and loss accounts Records of wages and salaries. Inventory records and statements (including quantities and values) at the end of any relevant Tax Period and all records of stock-counts related to Inventory statements.
Records of fixed assets.
Records to be keep
The Taxable Person shall keep the following records:
a. Records of all supplies and Imports of Goods and Services.
b. All Tax Invoices and alternative documents related to receiving Goods or Services.
c. All Tax Credit Notes and alternative documents received.
d. All Tax Invoices and alternative documents issued.
e. All Tax Credit Notes and alternative documents issued.
f. Records of Goods and Services that have been disposed of or used for matters not related to Business, showing Taxes paid for the same.
g. Records of Goods and Services purchased and for which the Input Tax was not deducted.
h. Records of exported Goods and Services.
i. Records of adjustments or corrections made to accounts or Tax Invoices.
j. Records of any Taxable Supplies made or received in accordance with Clause (3) of Article 48 of this Decree-Law, including any declarations provided or received in respect of those Taxable Supplies.
1) Due Tax on Taxable Supplies.
2) Due Tax on Taxable Supplies pursuant to the mechanism in Clause (1) of Article (48) of this Decree-Law.
3) Due Tax after the error correction or adjustment.
4) Recoverable Tax for supplies or Imports.
5) Recoverable Tax after the error correction or adjustment.
The Taxable Person who makes a Taxable Supply of Goods or Services in the State must keep a record of the Emirate in which the supply takes place.
For more details, see:
Federal Decree-Law No. (8) of 2017 on Value Added Tax
- Article (78) Record-keeping;
Executive Regulation of Federal Decree-Law No (8) of 2017 on Value Added Tax
- Article (71) Record-keeping requirements;
- Article (72) Record keeping of the supplies made.
Executive Regulation of Federal Law No. (7) of 2017
- Title Two Keeping Accounting Records and Commercial Books.