Tuesday 02, January 2018 by Jessica Combes

UAE Ministry of Finance approves first purchase invoice with VAT

 

The Ministry of Finance (MoF) has today issued the first VAT inclusive purchase order and approved the first VAT invoice on its federal financial system.

In light of such activity MOF became the first federal entity to implement tax procedures and issue a tax invoice in 2018.

The Ministry recently announced that the federal financial system has been updated and is ready to manage all financial transactions VAT related. The MoF provides a fully-integrated system, a technical support team, as well as a telephone number (600 533 336) dedicated to respond to any inquiries related to VAT from any federal entities linked to the system.

HE Mariam Al Amiri, Assistant Undersecretary for the Management of Financial Resources stressed the Ministry’s commitment to the country’s laws and regulations, including the tax system. “The Ministry of Finance continues its efforts to facilitate all government finance procedures, specifically VAT transactions. Issuing the first purchase invoice reflects the efficiency and ease of use of the system, and highlights the Ministry’s efforts to facilitate procurement processes for all federal entities linked to the federal financial system.”

VAT was introduced on 1 January 2018 in accordance with the unified VAT Agreement for the Cooperation Council of the Arab States of the Gulf. Over the past months, the Ministry of Finance and the Federal Tax Authority have held a series of workshops, and practical training sessions for users of the federal financial system, to build awareness on the tax system, including its role in the fulfilment of our leadership’s vision to build a sustainable knowledge economy for future generations.

 

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