Opening balance

Happy New Year! And what about the opening balance?

For many companies in the UAE, the first taxable period began exactly on January 1, 2024, so opening balance is one of the important issues.

– I bought an existing company, but accounting records were not previously kept, what should I do?

– I have my own company, but I didn’t have time to do accounting, what should I do?

– Is there a date by which you need to start keeping accounting records in order to correctly calculate your corporate tax return?

– If accounting was not required before, then why should I take care of opening balance?

– The opening balance relates only to the balance sheet and not to profit or loss for corporation tax purposes, doesn’t it?

– What is the auditors’ position on the opening balance?

– Is it possible to keep records of only income and expenses for corporate tax purposes?

Opening balance (as of the first date of the first taxable period) is the most common group of questions we receive in connection with the need for accounting, including the correct calculation of corporate tax liability.

Contact us for a free initial consultation, we will answer all your questions!