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Should I pay penalty if I don’t maintain books of account?
Should I pay penalty if I don’t maintain books of account?
munavvar
Yes , it is mandatory for the companies to maintain the books of accounts for at least five years. Maintaining proper books of accounts is compulsory in the UAE and any violations result in penalties.
HANNA SAYYID
Yes , it is mandatory for the companies to maintain the books of accounts for at least five years. Maintaining proper books of accounts is compulsory in the UAE and any violations result in penalties.
Amrita
Yes, there is a penalty for not maintaining books of accounts in the UAE.
Companies in the UAE are required to maintain books of accounts in their head office for at least 5 years from the end of the financial year of the company. Failure to do so will result in a penalty of AED 20,000 to AED 100,000.
Bryce Dsouza
Yes, there is a penalty for not maintaining books of accounts in the UAE. Companies in the UAE are required to maintain their books of accounts in their head office for at least 5 years from the end of the financial year of the company. Failure to do so will attract a penalty of AED 20,000 to AED 100,000. Companies are also required to maintain books of accounts and supporting records for a minimum of five years under the Federal Tax Procedures Law. Failure to do so will attract a penalty of AED10,000 at first instance with an additional AED50,000 for repeat violations.
Asrael
You could incur penalties or fines if your books of accounts are not kept up to date as needed. To learn more about the penalties in your region, you should visit an accounting/tax consultant.
Sam Alex
If you don't maintain books of account as required, you may face penalties or fines. It's a good idea to consult with a professional to understand more about the penalties in your area.
