- Introduction of Cabinet Decision No. 100 of 2024: On September 6, 2024, the Federal Tax Authority (FTA) announced significant changes to the UAE VAT Executive Regulation through Cabinet Decision No. 100 of 2024, which will take effect on November 15, 2024. Some amendments will apply retroactively from January 1, 2018.
- Extensive Revisions: The decision adds two new articles and revises thirty-three existing provisions, resulting in substantial updates that impact nearly half of the regulation’s articles. These changes aim to better align the regulation with evolving compliance standards and economic needs.
- Implications for Businesses: The amendments may require UAE taxpayers and businesses to review and potentially adjust their past transactions and VAT compliance due to the retroactive applicability of some provisions, highlighting the need for careful analysis and possible historical adjustments.
Source Fintedu
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