- UAE Federal Tax Authority issued a Public Clarification on using SWIFT messages for recording international bank charges
- SWIFT messages can be used as sufficient documentary evidence for VAT recovery by financial institutions
- Financial institutions must issue tax invoices to themselves for interbank services from non-resident banks
- Traditional tax invoices for each SWIFT transaction are impractical due to high volumes
- SWIFT messages can be accepted as sufficient records if they meet specific criteria
- A “Qualifying SWIFT message” must include certain information such as names, dates, and transaction details
- Tax invoice exemption is allowed in cases where there are sufficient records available and issuing invoices is impractical.
Source: nrdoshi.ae
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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