Annual General Meeting of Shareholders critical under the new UAE Tax Procedures Law

The UAE Commercial Companies Law of 2015 (the ‘Commercial Companies Law’) mandates in Article 92 and Article 171, that companies in the UAE must have at least one General Assembly meeting annually within the four months that precede the expiry of the financial year.

While this is often overlooked by large numbers of small to medium sized companies, with the introduction of the new Federal Law No 7 of 2017 on Tax Procedures (the ‘Tax Procedures Law’) and Federal Law No 8 of 2017 on Value Added Tax (the ‘VAT Law’) in the UAE, this requirement may become a more pressing matter to ensure that the companies’ books and tax obligations are properly met during each financial year.

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