Photo for illustrative purposes only. ARCHIVE

UAE to impose new requirement for import invoices worth Dh10,000 above

Companies in the UAE will soon face a new compliance requirement as the UAE Ministry of Foreign Affairs and International Cooperation (Mofaic) begins to require authentication of import invoices of Dh10,000 or more. According to a tweet from Mofaic, this new rule will go into effect on February 1, 2023, following Cabinet Resolution No. 38 of 2022, addressing fees for verification of invoices and certificates of origin for imports into the UAE. Mayank Sawhney, managing director at MaxGrowth Consulting, states that this new legislation would apply to any commodities imported into the UAE with a value of Dh10,000 or more, and invoice attestation is accomplished online. "The attestation cost of Dh150 per commercial invoice will be applicable and customers will have a grace period of 14 days after the declaration of goods to comply with the attestation. Failure to do so will result in a penalty of Dh500 per invoice levied by the Mofaic on the non-complying businesses," said Sawhney. However, specific categories would be exempt, including invoices with a value of less than Dh10,000, personal imports, products imported from Gulf Cooperation Council nations, and those transported into free zones. Furthermore, transit goods imports, B2C e-commerce movements, diplomatic, police and military, charity societies, and international organizations' commodities would be excluded. Mofaic in the UAE has implemented an electronic online approach for completing import invoice attestation by uploading PDF documents. As proof of attestation, a reference number will be generated. According to Mayank Sawhney, the reference number is integrated with the UAE Customs system to guarantee the customer completes the attestation before import declaration. 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