Under the Federal Tax Law, all businesses in the UAE will need to record their financial transactions and ensure that their financial records are accurate and up to date.
A supplier registered or required to be registered for VAT must issue a valid VAT invoice for the supply. To be considered as a valid VAT invoice, the document must follow a specific format as mentioned in the legislation. In certain situations the supplier may be able to issue a simplified VAT invoice. The conditions for the VAT invoice and the simplified VAT invoice are mentioned legislation.
It is expected that businesses will need to complete additional information on their VAT returns to report revenues earned in each Emirate.
