On Oct. 2, UAE Tax published revised executive regulations of VAT law.
UAE Tax published executive regulations of Federal Decree-Law 8 of 2017 regarding Value Added Tax (VAT), as most recently amended by Cabinet Decision 100 of 2024.
Document dated Oct. 2, 2024, received from UAE Tax on Oct. 22 due to a fixed feed.
Key Amendments
Set the conditions to transfer ownership of goods, right to use from person to another.
Mandatory registration is 375k AED and person required to register for tax pursuant to provisions of Decree Law must file a Tax Registration application with UAE Tax 30 days.
Added new article 14 bis re tax deregistration to protect the integrity of tax system.
Detailed the situations for calculating tax on any supply of goods by reference to the profit margin by taxable person that shall also issue a tax invoice stating that clearly.
Specified the cases in which the supply of international transportation services for the passengers and goods and transport-related services shall be subject to the zero rate.
Listed elements to be contained in tax invoices that can be issued by electronic means.
Exporter to retain customs declaration and evidence that proves export, shipping certificate, or declaration that proves the suspension arrangement of customs duties.
Tax return must be received by UAE Tax by the 28th day following end of tax period.
Specified additional services exempt from VAT, including management of investment funds, transferring ownership of virtual assets, and converting of virtual assets.
Effectiveness
Decision is published in the official gazette, and effective as Nov. 15, 2024.
Regulators
UAE Tax
Entity Types
Auditor; Corp; IA
Reference
OG, 10/2/2024; Dec 100/2024, 9/6/2024; Law 8/2017;