- Launch of E-Billing System: The UAE government has introduced a dedicated website for e-invoicing, signaling the implementation of mandatory electronic invoicing scheduled for Q2 2026 to enhance the digital economy.
- Regulatory Framework Development: The Ministry of Finance is developing legislation to regulate electronic transactions, accounting, and storage, initially focused on B2B and B2G, with plans to expand to B2C in the future.
- Benefits of E-Invoicing: The new e-invoicing approach aims to streamline processes through simplification, standardization, and automation, allowing for near real-time invoice exchanges and improved tax reporting to the Federal Tax Authority.
- Implementation Timeline: The provisional timeline includes developing requirements and certification procedures in Q4 2024, publishing e-invoice legislation in Q2 2025, and initiating Phase 1 of e-invoicing for B2B and B2G in Q2 2026.
- Continuous Transaction Control Model: The UAE’s e-invoicing will utilize a decentralized Continuous Transaction Control model based on Peppol, requiring certified access points for the secure transmission and storage of invoices, along with mandatory electronic signatures for authenticity.
Sources
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