- The UAE Ministry of Finance (MoF) has reaffirmed its commitment to the E-Billing System project, aimed at reducing human intervention, optimizing costs, and enhancing security in business and tax reporting.
- An e-invoicing website has been launched to outline the objectives and details of the project, which includes encrypted transaction security.
- The UAE’s Continuous Transactions Controls (CTC) mandate will use a five-corner model for exchanging electronic invoices among certified service providers, who will transmit data to a centralized platform managed by the Tax Authority.
- The mandate will initially cover B2B and B2G transactions, with potential future inclusion of B2C transactions.
- The roll-out timeline includes opening accreditation for service providers by the end of 2024, publishing legislation in 2025, and implementing the first phase of the e-invoicing reporting obligation in 2026, with further details on service provider accreditation expected soon.
Source: sovos.com
Click on the logo to visit the website
See also
- E-Invoicing/Real Time Reporting – What can you find on VATupdate.com
- Worldwide Upcoming E-Invoicing mandates, implementations and changes – Chronological
- Collection of E-Invoicing Guides – Worldwide – VATupdate
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
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.
