- Ministry of Finance (MoF) has issued Federal Decree-Law No. 17 of 2024 amending tax procedures and Federal Decree-Law No. 16 of 2024 amending Value Added Tax (VAT) provisions
- Updates are aimed at implementing the eInvoicing system to enhance digital innovation and efficiency of the national economy
- eInvoicing system will simplify, standardize, and automate invoicing processes for businesses and government entities
- UAE eInvoicing implementation is based on a decentralised model allowing exchange of invoices via Accredited Service Providers (ASPs)
- System is designed in line with international best practices, adopting the OpenPeppol standard
- Federal Decree-Law No. 17 introduces definition for eInvoicing system and grants Minister of Finance authority to implement it
- Federal Decree-Law No. 16 expands definitions of tax invoice and tax credit note to include electronic invoices
- VAT refunds will be based on eInvoicing compliance requirements
- Businesses subject to eInvoicing system will be required to issue electronic invoices and credit notes
- Ministry of Finance is committed to ensuring smooth implementation of eInvoicing system through phased strategy and stakeholder engagement.
Source: sharjah24.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.
