- The Emirati Federal Tax Authority issued Public Clarification No. VATP041 on April 14
- Clarification addresses VAT invoicing and input VAT recovery for SWIFT transactions
- Requirements for issuing tax invoices related to SWIFT messages are outlined
- Documentary requirements for input VAT recovery are specified
- Clarification on international bank charges for UAE financial institutions using SWIFT
- Conditions under which SWIFT messages are sufficient records are provided
- Input VAT recovery rules for financial institutions are detailed
- Analysis of place of supply rules for services from outside the UAE is included
- Reverse charge mechanism application is explained
- This clarification replaced Public Clarification No. VATP036
Source: news.bloombergtax.com
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.
