The Ministry of Finance issues the guideline for electronic invoicing
ABU DHABI, 23 February, 2017 (WAM) – Today, the Ministry of Finance announced the issuance of the official guideline for electronic invoicing, “Electronic Invoicing Guide,” in a step aimed at providing a comprehensive reference that supports businesses in preparing to implement the electronic invoicing system efficiently at the state level.
The guide reviews the scope and objectives of the system, provides an integrated presentation of the national framework for this system, and explains the regulatory foundations and policies on which it is based, thus enhancing the clarity of compliance requirements and identifying the operational aspects related to implementation.
The guide includes key terms and concepts related to the relevant system, and highlights the expected benefits of adopting a unified digital system, including increasing operational efficiency, enhancing compliance and transparency, and aligning national practices with the best international standards in the fields of digital taxation and trade.
The electronic invoicing guide specifies the scope of the new regulatory framework, the types of transactions and categories included and excluded from the application of the system, in addition to developing a phased implementation plan that provides businesses with greater clarity regarding the approved timetable, and enables them to prepare for the transition in an organized and thoughtful manner.
In order to support the system implementation process, the guide includes practical instructions that enable entities to prepare for the implementation of the electronic invoicing system, including the readiness of technical systems, harmonization of internal procedures, and fulfillment of governance requirements.
The guide includes categories of electronic invoices, addresses various business scenarios, and explains the mechanism for applying tax codes to ensure unified treatment for various types of transactions.
The guide reviews the fines resulting from non-compliance, and includes indicative templates for electronic invoices to enable businesses to understand the format and data requirements required.
The guide includes additional operational guidance appendices and a practical checklist that ensures a clear definition of the roles and responsibilities of all parties involved within the electronic invoicing system.
The guide comes within the framework of supporting digital transformation efforts in the country, and aims to modernize tax administration and simplify commercial procedures.
The Ministry called on businesses and concerned parties to review the guide and begin the necessary preparations before the approved implementation stages begin.
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