United Arab Emirates MOF Posts Federal Decree Law Amending VAT Framework

The Emirati Ministry of Finance July 2 posted Federal Decree-Law No. 16 of 2024, amending the VAT framework. The decree-law includes measures: 1) reflecting the usage of the electronic invoicing system, electronic invoices, and electronic credit notes; 2) amending provisions on recovering input VAT through the tax return related to the first tax period, subject to conditions; 3) amending requirements for VAT registrants making taxable or deemed supplies to issue invoices; 4) amending requirements for VAT registrants for issuing tax credit notes; and 5) requiring the issuance of an administrative penalty assessment within five business days of a taxable person’s ...