Modifications to some of the provisions of the federal decree legislation No. 8 of 2017 on value-added tax have been announced by the UAE’s Ministry of Finance (MoF) and will come into force on January 1, 2023.
The Federal Decree-Law No. 18 of 2022, which modifies several sections of Federal Decree-Law No. 8 of 2017 on VAT, among other significant changes, includes the following:
Authorized individuals who produce taxable supplies are eligible to request for an exemption from VAT registration, if all their supplies are zero-rated or if they withhold any other supplies besides zero-rated supplies.
Providing a 14-day window for the issuance of a tax credit note to pay output tax, in accordance with the window designated for the issuance of tax invoices.
In some circumstances, the Federal Tax Authority may find it appropriate to forcefully deregister registered individuals.
Additionally, the Decree-Law updates several clauses in order to make them more clear and reinforce their intended meaning, to rewrite them, or to better align them within the legislative structure.
In view of the GCC Unified VAT Agreement, the modifications implemented are in accordance with global best practices. They are based on personal experiences, difficulties experienced by various business sectors, and suggestions from parties concerned. As part of its efforts to broaden its economy and lessen its reliance on oil, the UAE adopted a 5% VAT on the majority of products and services in 2018, and no further adjustments were announced to the VAT rate, which remains at 5%.
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