- The United Arab Emirates (UAE) Ministry of Finance (MOF) announced the issuance of Federal Decree Law No. 18 of 2022 amending Federal Decree Law No. 8 of 2017 relating to Value Added Tax (VAT).
- The amendments allow an extension to the general statute of limitation of five years and specify a time limit for the issuance of tax invoices and tax credit notes.
- The amendments also cover provisions with respect to the applicability of domestic reverse charge, valuation of related party supplies, and documents required for input tax recovery.
- Businesses should assess how the amendments impact their operations and review historical tax and reporting positions (e.g., via health checks or mock audits).
Source EY
