Friday November 22nd, 2024
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New Tax Law Mandates eInvoicing for Businesses Across UAE

The new law will enable businesses to streamline invoicing, automate tax data reporting, and securely exchange invoices.

Scene Now UAE

New Tax Law Mandates eInvoicing for Businesses Across UAE

The UAE Ministry of Finance has introduced a transformative eInvoicing system under Federal Decree-Laws No. 16 and 17 of 2024, marking a significant step toward digitizing tax procedures and optimizing compliance. The new system, built on the international OpenPeppol standard, will enable businesses to streamline invoicing, automate tax data reporting, and securely exchange invoices through Accredited Service Providers (ASPs).

Through phased implementation, businesses will be required to issue and archive invoices electronically, adhering to expanded definitions for tax invoices and credit notes. This strategic rollout will reduce administrative burdens, enhance record-keeping, and improve the accuracy of VAT compliance. With secure data transmission to the Federal Tax Authority, the eInvoicing system paves the way for transparent, real-time tax reporting, strengthening the UAE’s position as a digital finance hub.

Details on the timeline and affected entities will follow as the system progresses, with continued engagement of stakeholders to maximize the impact of this landmark initiative.

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