Accounting - Saudi Arabia
Bookkeeping in the United Arab Emirates
Our English and Arabic speaking Accounting Services Team has extensive experience in offering bookkeeping and accounting support services to mid-sized and large MNCs in the United Arab Emirates.
We are bookkeeping in either our tax compliant software or the software of our Clients. We are currently supporting Clients using SAP, Microsoft AX, Zoho and Paytraq.
GTC can support large volume of transactions in its own Shared Service Center with the use of Artificial Intelligence and advanced accounting tools.
Accounting Requirements in The U.A.E
United Arab Emirates has a number of accounting requirements defined in various laws. Below we give a summary of the main requirements. For a more detailed analysis you can refer to our Insights section.
Books
All companies in the U.A.E should have accounting books in any language, but the tax authorities (FTA) retain the right to request them to be translated into Arabic.
Invoices
All companies in the U.A.E, that are registered for Value Added Tax (VAT), should issue tax compliant invoices. Currently the Ministry of Economy has published a roadmap for the introduction of electronic invoices (e-invoices) for B2B transactions.
Financial Statements
Record Keeping
Accounting books, records and other accounting documents should be maintained for a period of 7 years from the end of the relevant fiscal / tax period. For example records of fiscal / tax year ended in 31/12/2019 should be maintained until 31/12/2026.
There are exceptions to the above for capital assets documents that are required to be kept for period of 10 years and for real estate transactions for a period of 15 years.
Closing
Our main aim is to support the operations of our Clients with compliant and high value added services. We are operating and supporting Clients in the United Arab Emirates since 2017 and we have the necessary know-how to provide that peace of mind when U.A.E tax authorities (FTA) will come to audit.