28 February 2024
The United Arab Emirates (UAE) Ministry of Finance (MoF) has provided further detail on its proposed implementation of a new mandatory real-time payment and e-invoicing regime for business-to-business (B2B) and business to government (B2G) transactions.
The key dates for the introduction of the e-invoicing regime will be:
- Autumn 2024: Issuance of draft technical requirements.
- Spring 2025: Draft legislation to be released.
- Dec 2025: Rollout strategy confirmed.
- July 2026: Phase 1 launch for the B2B and B2G transactions.
It has also been confirmed that the new system will allow vendors and customers to exchange e-invoices directly without the need for the MoF’s authorisation. They will use a special software to create the invoices, send to the customer and to the MoF.
At a later stage the Ministry of Finance will then develop an advanced electronic billing system, which will allow them to use the data collected from issuing the invoices to populate and file tax returns automatically.
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