The Ministry of Finance of the United Arab Emirates (UAE MoF) introduced e-invoicing implementation to simplify business processes, help with tax reporting, offer real-time insights into economic performance, and reduce paper wastage. Additional information has been revealed by the UAE regarding the recently announced e-invoicing mandate. The government is set to adopt Peppol specifications for the nationwide e-invoicing requirement, expected to be in place by July 2025.
The UAE Ministry of Finance has launched an e-invoicing initiative aimed at streamlining business operations, enhancing tax reporting, providing real-time economic insights, and cutting down on paper usage.
The introduction of the "E-Billing System" project will involve implementing an advanced nationwide electronic billing system, possibly through the Peppol CTC mandate, to cover e-invoicing and e-reporting needs across the country.
This system will automate tax
return filing processes, promoting easier compliance and reducing instances of
tax evasion. The project's rollout is scheduled to occur gradually and is
expected to conclude by July 2025.
Related Posts
UAE, 20 November, 2024 : The Federal Tax Authority (FTA) held a media briefing with UAE live ra...
Read MoreUAE, 19 November, 2024 : The UAE Ministry of Finance has announced amendments to the Corporate ...
Read MoreUAE, 19 November, 2024 : The recent drop in gold prices and EUR/USD exchange rates following th...
Read More