UAE VAT Update:
Federal Decree-Law No. (18) of 2022 Concerning the Amendment of Certain Provisions of Federal Decree-Law No. 8 of 2017 Regarding Value Added Tax has been issued.
Following are some of the major subject area changes:
1. Extension of Audit timelines beyond 5 years
2. Domestic RCM applicability for Hydrocarbons
3. Zero applicability for import of goods
4. Record-keeping requirement for VAT recoverability
5. 14 days timeline for the issue of tax invoices.
Sources:
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