Statutory audit
Audits for licence, banks, clients and corporate tax.
Oil and Gas Accounting, Audit and Tax in the UAE: Service Companies, Traders and Suppliers
Oil and gas service companies, equipment suppliers and traders in the UAE need contract and equipment accounting, In-Country Value (ICV) certification for major tenders, transfer pricing for group services and careful VAT. Upstream extractive businesses taxed at emirate level can be exempt from federal corporate tax, but service companies are not. SGA World provides audit, accounting and tax.
- Ministry of Economy and Tourism approved auditor
- 500+ clients
- Dubai & Abu Dhabi
Oil and gas at a glance
- Service companies
- Contract revenue and equipment
- Tenders
- ICV certification
- Groups
- Transfer pricing for services
- Traders
- Commodity stock and pricing
- Upstream
- Article 7 extractive exemption
The UAE's oil and gas sector is built around national producers, international contractors and thousands of service companies, equipment suppliers and traders. Oil and gas accounting for these businesses involves long service contracts, expensive equipment, group charges across countries, commodity price movements and In-Country Value (ICV) certificates needed to win work.
SGA World provides audit, accounting, corporate tax, VAT and transfer pricing services to oil and gas service companies, suppliers and traders in Abu Dhabi, Dubai and the northern emirates, including companies in Fujairah, Hamriyah and ICAD.
- Revenue on long service contracts
- Contracts
- Rental fleets and depreciation
- Equipment
- Certificates for major tenders
- ICV
- Group services at arm's length
- TP
At a glance
Oil and Gas Accounting and Audit: Key Points
- Service companies: taxed under the normal corporate tax rules at 9% above AED 375,000.
- Upstream: extractive businesses that meet Article 7 conditions, including being taxed at emirate level, can be exempt from federal corporate tax.
- ICV: many national oil company and government tenders score bidders on In-Country Value, which needs audited data.
- Equipment: rental and drilling equipment is depreciated over its useful life and tested for impairment.
- Transfer pricing: technical, management and equipment charges within groups must be at arm's length.
- VAT: many services are taxed at 5%; exports and some international services can be zero-rated.
Our services
Which Services Do We Provide for Oil and Gas Companies?
ICV support
Financial data and audited figures for In-Country Value certification.
Transfer pricing
Benchmarking and Local Files for group service and equipment charges.
Corporate tax
Returns, Article 7 analysis for upstream interests and interest limits.
VAT
VAT on services, imports of equipment and exports.
Internal audit
Controls over procurement, inventory and contracts.
Key rules
Which UAE Rules Matter Most for Oil and Gas Businesses?
| Area | Rule | What it means for you |
|---|---|---|
| Upstream corporate tax | Article 7 extractive business conditions | Exemption only if the emirate-level conditions and notification are met. |
| Service companies | Standard corporate tax | 9% above AED 375,000; normal deductions and limits. |
| Revenue | IFRS 15 | Service revenue recognised as work is performed; variable fees estimated carefully. |
| Equipment | IAS 16 and IAS 36 | Depreciation and impairment of rigs, rental fleets and tools. |
| Transfer pricing | Arm's length principle | Documentation for group charges, with disclosure forms. |
| Tenders | In-Country Value programmes | ICV certificates based on audited financial data. |
How we work
How Do We Work With Oil and Gas Clients?
Step01
Understand the business
Contracts, clients, equipment, group structure and tenders.
Step02
Review key areas
Revenue, equipment, inventory, provisions and related parties.
Step03
Audit
Audited financial statements on your timetable.
Step04
ICV and tenders
Support with ICV data and tender financial requirements.
Step05
Tax
Corporate tax, transfer pricing and VAT filings.
Why SGA World
Why Choose SGA World for Oil and Gas Accounting and Audit?
Tender-ready financials
Audited figures and ICV support prepared with tender deadlines in mind.
Ministry-approved audit firm
SGA World is a Ministry of Economy and Tourism approved audit firm, so our reports are accepted where it matters.
Audit and tax in one team
Auditors, VAT, corporate tax and transfer pricing specialists work together, so nothing falls between advisers.
Qualified chartered accountants
A team of chartered accountants qualified in India and the UK, focused on UAE rules.
500+ clients
Mainland and free zone companies, from start-ups and SMEs to regional groups.
Listed with major UAE banks
Our audit work is recognised by major UAE banks for facilities and account reviews.
Corporate tax
Are Oil and Gas Companies Exempt From UAE Corporate Tax?
Only in specific cases. Under Article 7 of the Corporate Tax Law, an extractive business can be exempt if it holds a right, licence or concession from the emirate, is effectively taxed under emirate legislation and notifies the Ministry of Finance.
Service companies, equipment suppliers, contractors and traders are not extractive businesses. They are taxed under the normal rules: 0% on the first AED 375,000 and 9% above, or 0% on qualifying income if they are a QFZP in a free zone. Activities such as trading of qualifying commodities or logistics may be qualifying for free zone companies in zones like Fujairah or Hamriyah.
Worked example
Example: A Drilling Services Company Bidding for a National Oil Company Contract
An Abu Dhabi oilfield services company rents equipment and supplies crews to drilling contractors. It is bidding for a five-year contract.
- ICV: the tender scores bidders on In-Country Value, so the company needs audited financial statements and an ICV certificate on time.
- Equipment: rental tools are depreciated over realistic useful lives and tested for impairment after a period of low utilisation.
- Group charges: its overseas parent charges management and technical fees, supported by a transfer pricing benchmark.
- Corporate tax: as a service company, it pays 9% on taxable profit above AED 375,000.
Planning the audit around the tender timetable avoids losing points on ICV.
What to prepare
What Do We Need for an Oil and Gas Audit?
Contracts
Client contracts, call-offs, rates and variations.
Equipment
Fixed asset register, utilisation and maintenance records.
Inventory
Spares and consumables records and counts.
Group
Intercompany agreements, charges and balances.
Tenders
ICV requirements and tender deadlines.
Tax
Corporate tax, VAT and transfer pricing records.
Fees and timing
What Affects the Cost and Timing of Oil and Gas Audits?
Fees depend on the number of contracts and clients, the size of the equipment register, inventory, group transactions, multi-currency activity and whether ICV, transfer pricing or tax work is included. Fieldwork is usually two to four weeks. We agree fixed fees and plan around tender deadlines.
Avoid problems
Common Oil and Gas Accounting Mistakes
Assuming all oil and gas income is exempt
Service companies are taxed normally
Unrealistic equipment useful lives
Misstated depreciation
No impairment review after low utilisation
Overstated assets
Undocumented group technical fees
Transfer pricing adjustments
Late audited accounts for ICV
Lost tender points
Unreconciled spares inventory
Audit qualifications
Talk to us
Get Audit-Ready, Tender-Ready Financials
Tell us about your business and what you need. We will propose a clear scope and a fixed fee.
We handle
- Statutory audit
- ICV support
- Transfer pricing
- Corporate tax and VAT
- Internal audit
Location: Dubai & Abu Dhabi
Talk to Our Team
Our offices in Business Bay, Dubai and Al Bateen, Abu Dhabi support clients across the UAE.
Dubai
Office 1923, The Exchange Tower, Business Bay, Dubai
Abu Dhabi
Khalidiya Towers M-B6, W10, Al Bateen, Al Khalidiyah, Abu Dhabi
Talk to an auditor
Tell us your company type, jurisdiction and deadline. We will confirm the scope, timeline and fee.
- WhatsApp us+971 50 627 3556
- Call us+971 4 570 1795
- Email us[email protected]
- Book an appointmentChoose a time that suits you
Prefer a form? Send us a detailed enquiry.
Who prepared this page
Written and reviewed by SGA World's audit and tax team
This guide is prepared by chartered accountants at SGA World Auditing Accounting L.L.C S.P.C in Business Bay, Dubai, a Ministry of Economy and Tourism approved audit firm, and checked against Federal Tax Authority legislation and guidance. It is reviewed whenever the rules change.
- Last reviewed 14 October 2026
- Chartered accountants from India and the UK
- FTA representation through Saif Chartered Accountants
Have a question about your company?
Tell us your activity, jurisdiction and deadline. A chartered accountant will reply.
Ask an expertFrequently asked questions
Oil and Gas Accounting and Audit – FAQs
Short answers to the questions UAE businesses ask us most. Still unsure?
Talk to our team01.Are oil and gas service companies subject to UAE corporate tax?
Yes. Service companies, suppliers, contractors and traders are taxed under the normal corporate tax rules.
02.Which oil and gas businesses can be exempt?
Extractive businesses that hold an emirate right or concession, are effectively taxed at emirate level and notify the Ministry of Finance, under Article 7.
03.What is an ICV certificate?
An In-Country Value certificate measures a supplier's contribution to the UAE economy and is used to score bidders in many national oil company and government tenders.
04.Do ICV certificates need audited accounts?
Yes, ICV certification is based on audited financial data, so audited accounts must be ready in time.
05.How is equipment rental revenue recognised?
Usually over the rental period, with lease accounting considerations where the client controls the equipment.
06.Can oil and gas traders in Fujairah be QFZPs?
Trading of qualifying commodities can be a qualifying activity for a free zone company, subject to strict conditions.
07.Do group technical fees need transfer pricing documentation?
Yes. Charges between related parties must be at arm's length, with documentation and disclosure where thresholds are met.
08.Is VAT charged on oilfield services?
Services supplied in the UAE are generally taxed at 5%; some international services and exports can be zero-rated.
09.How long does an oil and gas service company audit take?
Usually two to four weeks of fieldwork, depending on contracts and equipment.
10.Which services does SGA World provide to oil and gas companies?
Audits, ICV support, transfer pricing, corporate tax, VAT and internal audit.
References:Federal Tax Authority · UAE Ministry of Finance · Ministry of Industry and Advanced Technology: National ICV Programme — reviewed 14 October 2026
