The UAE Ministry of Finance revealed details about the upcoming Continuous Transaction Controls (CTC) mandate at the e-Invoicing Exchange Summit in Dubai. The UAE will implement e-Invoicing using the Peppol 5-corner model, with the tax authority as the ultimate recipient of all e-Invoices. E-Invoices must be sent through the Peppol network in the UAE PINT format. Initially, the mandate will cover Business-to-Business (B2B) and Business-to-Government (B2G) transactions, with plans to include Business-to-Consumer (B2C) transactions in the future. The timelines for businesses are as follows:
– Q3 2024: Finalization and announcement of service provider certification standards and the UAE Data Dictionary.
– Q2 2025: Official release of the e-Invoicing legislation.
– July 2026: Phase 1 begins, requiring invoice reporting to the tax authority. This marks a significant step towards enhancing transparency and efficiency in business transactions in the region’s digital economy. Businesses should prepare for a smooth transition.
Source RTCsuite
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