UAE Amends Some Provisions of Value Added Tax Decree-Law
The UAE Ministry of Finance announced amendments to some provisions of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (VAT) effective from 1st January, 2023.
Some of the major amendments introduced by the Federal Decree-Law No. 18 of 2022 on the Amendment of Some Provisions of the Federal Decree-Law No. 8 of 2017 on VAT include the following:
- Registered persons who make taxable supplies are allowed to apply for an exception from VAT registration if all of their supplies are zero-rated or if they no longer make any supplies other than zero-rated supplies.
- Setting a 14-day period to issue a tax credit note to settle output tax, in line with the time frame set for issuing tax invoices.
- The Federal Tax Authority (FTA) may forcibly deregister registered persons in specific cases if deemed necessary.
The UAE Ministry of Finance announces amendments of some provisions of the Value Added Tax Decree Law#mofuae #UAE #news pic.twitter.com/nKnOB1juzB
— وزارة المالية | الإمارات (@MOFUAE) October 28, 2022
The Decree-Law includes amendments to certain provisions to clarify and confirm the intended meaning of the text; to rephrase; or to improve the legislative sequence of legal provisions.
This article was previously published on UAE Moments.To see the original article, click here