Picture for illustrative purposes only. ARCHIVE

The UAE Ministry of Finance has announced changes to some aspects of Federal Decree-Law No. 8 of 2017 on Value Added Tax (VAT), which will go into effect on January 1, 2023. Registered people who make taxable supplies will be eligible for exemption from VAT registration under the new rules if all of their supplies are zero-rated. They may also be qualified if they no longer manufacture anything other than zero-rated goods. The Federal Tax Authority (FTA) may forcefully de-register registered individuals in specific instances. The amendment also included measures requiring issuing a tax credit note to satisfy production tax within 14 days. These were some of the significant 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. The new provisions were developed under worldwide best practices in light of the GCC Unified VAT Agreement. They are based on previous experiences, issues experienced by various business sectors, and recommendations from relevant parties. The decree law also incorporated revisions to various clauses to clarify and validate the text's intended meaning; to reorder or improve the legislative sequence of legal regulations. BKM/ Expat Media
For all the latest news from the UAE and the world, follow us on Facebook, Twitter and Instagram and subscribe to our YouTube page