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UAE Ministry of Finance Amends some Provisions of VAT law
Dubai October 31, 2022:
The UAE Ministry of Finance has amended certain provisions to the value added tax (VAT) laws (Federal Decree-Law No. 8 of 2017 on Value Added Tax (VAT)), which will go into effect from January 1, 2023. The amendments made are in line with international best practices, based on experiences, challenges faced by various business sectors as well as recommendations received from relevant parties.
Some of the major changes to the existing VAT rule introduced by Federal Decree-Law No 18 of 2022 are as follows:
- 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 FTA may forcibly deregister registered persons in specific cases if deemed necessary.
Want to further know the Key Amendments to the UAE VAT Law in detail, then click here to read the full article.