|Update:||Compliance Alert - Amendment of the VAT Decree-Law|
On 26 September 2022, the President of the UAE, H.H. Sheikh Mohamed Bin Zayed Al Nahyan issued the Federal Decree-Law No.18 2022 amending some provisions of the Federal Decree-Law No. 8 2017 of the VAT Law. The amendments will enter into force as of 1 January 2023.
In brief, the key changes include but are not limited to the following:
- Allowing businesses who make taxable supplies to submit an application for exemption from registration if all of their supplies are zero-rated only.
- Setting timeframe for the issuance of tax invoices-14 days from the date of supply. The same for credit notes, they must be issued within 14 days from the events mentioned in article 61.
- The amendments also introduced new definitions for Relevant Charitable Activity, Pure Hydrocarbons, Tax Evasion, Tax Audit, Tax Assessment, and Voluntary Disclosure
To read the full amendments of the law, Please visit the dedicated page of the Federal Tax Authority website