Alex France
18
2023
Jun 21, 2023 01:21 PM

Should I pay penalty if I don’t maintain books of account?

Should I pay penalty if I don’t maintain books of account?


All Replies (18)
Alex T Sunny
8 months ago

Maintain books of accounts is compulsory. 


Amal philipose varghese
8 months ago

Yes , it attracts penalty as it is  violation of law


Rebecca Mathew
9 months ago

Maintaining proper books of accounts is compulsory in the UAE and if any violations occur, yes, penalty has to be paid.


Josna Thomas
10 months ago

It is mandatory to maintain books of accounts, non compliance of which would result in incurring penalty.



Neha Mariyam Jiji
10 months ago

Yes ,it is mandatory  to maintain proper books of Accounts for atleast 5 years in UAE ,violation  of the same will result in penalties.


Aaga Muhammad
10 months ago

The company will face penalties in the form of fines if books of accounts are not properly kept.


REEHA SHABAN
10 months ago

It is mandatory to maintain books of accounts, Non compliance of which would result in incurring pentalty .However , providing a reasonable cause for the failure to maintain  accounting records may result in no penalty being levied on the taxpayer.


munavvar
10 months ago

yes , if didnt maintain the book of account there should be fine incurr depends on the business 


Jithin
10 months ago

Maintain books of accounts is compulsory. Otherwise they need to pay a fine of AED 10,000 for the first offence and AED 50,000 for each repetitive violation.


Nandana
10 months ago

Yes, failure to keep records would result in a fine of AED 50,000 to AED 500,000.


HANNA SAYYID
10 months ago

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.


Jerin P Thomas
10 months ago

Yes, if you fail to maintain proper books of account ,subject to penalties. These penalties can vary depending on the specific regulations.


Bryce Dsouza
10 months ago

Yes, it is mandatory for businesses in UAE to maintain their 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 violations¹. Companies are also 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 100,000¹.




Rini P S
10 months ago

In UAE, according to the Federal Law No 2 of 2015 on Commercial Companies and the UAE VAT law and relevant free zone laws, it is mandatory for the companies to maintain the books of accounts for at least 5 years. Maintaining proper books of accounts is compulsory in the UAE and any violations will have to bear administrative penalties.


Jayadev Menon
10 months ago

Yes It is compulsory to maintain books of accounts as per VAT laws. So non maintenance of the same would attract penalty 


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