UAE, 31 December, 2024 : The UAE Ministry of Finance has issued Federal Decree-Law No. 17 of 2024, amending Federal Decree-Law No. 28 of 2022 on tax procedures, and Federal Decree-Law No. 16 of 2024, revising Federal Decree-Law No. 8 of 2017 on Value Added Tax (VAT). These updates aim to facilitate the implementation of the eInvoicing system, reflecting the UAE's commitment to digital innovation and economic efficiency.
The eInvoicing system, based on a decentralised five-corner model, will enable real-time exchange of invoices between businesses and ensure seamless tax reporting to the Federal Tax Authority (FTA). It adopts the OpenPeppol standard, promoting global best practices in electronic invoicing.
Under the new amendments, electronic invoices and credit notes are formally recognised, and VAT refunds will align with eInvoicing compliance. Businesses within the phased roll-out strategy will be required to issue and archive invoices electronically.
Further implementation details, including timelines and entities subject to eInvoicing, will be announced soon. The Ministry of Finance ensures a smooth transition through phased implementation and stakeholder engagement, supporting the UAE’s strategic economic goals.
Source : www.mof.gov.aeRelated Posts
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