On 22 October 2020, Dubai Customs issued Customs Notice No. 17/2020 to enhance the control of the stock maintained by businesses operating in Dubai free zones, establishing new compliance requirements to ensure the clearance of goods consumed or used within the free zones. The new rules entered into force on 25 October 2020, and include a mandatory “consumption goods” declaration to be submitted at least on a quarterly basis. Businesses established in both fenced and unfenced free zones are encouraged to assess the impact of the new requirements on their activities to avoid potential penalties in case of a customs audit.
Source PwC
Latest Posts in "United Arab Emirates"
- TRN vs UAE VAT Number: Are They the Same or Different for UAE Businesses?
- UAE e-invoicing deadline looms: What businesses must do before July 1
- UAE FTA Reduces Tax Penalties to Ease Compliance and Support Business Voluntary Disclosures
- UAE as Tax Refund Country – specifics for refunding 2025 UAE VAT
- UAE Launches Optional 4-Corner Peppol E-Invoicing, Mandatory 5-Corner Model Coming in 2027
