With the introduction of Corporate Tax (effective for financial years starting on or after 1 June 2023), businesses have additional documentation obligations.

Every taxable person must maintain:
– Financial statements for each tax period
– Supporting schedules for income, expenses, and adjustments
– Contracts, agreements, and correspondence related to business activities
– Any other information needed to verify the accuracy of tax returns

Retention Period:
– 7 years from the end of the relevant tax period.

These records allow the FTA to verify tax returns and reassess liabilities when necessary.