UAE: Finance Ministry releases new tax policy decision
The latest Cabinet decision addresses tax payment and refund policies as well as a trustee's obligations in bankruptcy situations. The MoF stated that it is essential to regularly update any relevant legislation and offer appropriate guidance on how the UAE tax system works in light of the June implementation of corporation tax.
FollowThe UAE's Ministry of Finance (MoF) announced the release of a new Cabinet resolution on Saturday that modifies several important parts of tax procedures, including payments, refunds, and obligations in bankruptcy cases, among others. The MoF stated that it is essential to regularly update any relevant legislation and offer appropriate guidance on how the UAE tax system works in light of the June implementation of corporation tax. It added that these actions are part of efforts to ensure compliance.
The latest Cabinet decision addresses tax payment and refund policies as well as a trustee's obligations in bankruptcy situations.
It specifies the commercial books and accounting records that must be kept, as well as the time frame and technique for doing so. The decision also contains revisions regarding the conditions and restrictions for registering a tax agent as well as the steps for de-listing an agent.
The terms and conditions for such reconciliations, as well as procedures linked to reconciliation in tax evasion offenses, are other significant enhancements.
With effect from August 1, this new decision repeals and replaces the previous executive regulation on tax procedures and harmonises definitions, practises, and other elements with the New Tax Procedures Law, which went into effect on March 1.
However, the ministry emphasised that Clause 2 of Article (12), which outlines the requirements for juridical persons seeking to be registered in the Register of Tax Agents, will take effect on December 1.
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