Statement by Younis Haji Al Khoori, Undersecretary of UAE MoF on Implementing VAT Regulations
HE Younis Haji Al Khoori, Undersecretary of MoF stated that the UAE Ministry of Finance is still in the process of preparing the executive regulation of VAT, in coordination with the concerned authorities. 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 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. 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, rules of tax payment, with a detailed explanation about exemption for 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.
UAE Ministry of Finance
To be a global leader in the fiscal field and to contribute to achieving the UAE Vision.
To efficiently and proactively manage and develop the federal government financial resources through active fiscal policies, excellent abilities, and local and
international relations in order to achieve development, sustainability, and integrity of the fiscal system in accordance with best practices.