The UAE Ministry of Finance is still in the process of preparing the executive regulation of VAT, in coordination with the concerned authorities, Younis Haji Al Khoori, Undersecretary of MoF, has stated.
UAE MoF is committed to working with the highest levels of transparency and disclosure principles, and will collaborate with the Federal Tax Authority upon issuing the executive regulation, he added.
Al Khoori stressed that the Ministry’s website and that of the Federal Tax Authority are the only official sources for any information related to VAT and excise tax.
The executive regulation of federal law No. (7) of 2017 on tax procedures was previously announced, and aims to clarify several topics, including keeping accounting records and commercial books related to tax purposes, period of record-keeping mechanism and saving. This is in addition to the executive regulation of federal Law No. (7) of 2017 on Excise Tax, which identifies liability to tax, tax registration and exception methods, and rules of tax payment, with a detailed explanation about exemption for selective goods.
The UAE Cabinet also issued the Decision No. (38) of 2017 on excise Goods, Excise Tax rates and the methods of calculating the excise price.