Saturday, July 29, 2023 – 6:10 PM
ABU DHABI, 29th July, 2020 (WAM) — The Ministry of Finance announced today the issuance of Cabinet Decision No. (74) of 2023 regarding the executive regulations of Federal Decree-Law No. (28) of 2022 regarding tax procedures, the “new tax procedures law”, which annuls the Cabinet’s decision and replaces The current executive regulations related to tax procedures for their compatibility with the new tax procedures law, which came into effect on March 1, 2023, including updating definitions, procedures, and processes.
She explained that with the entry into force of the corporate tax law from tax periods beginning on or after June 1, 2023, the new tax procedures law will support the application of all relevant legislation, in addition to providing taxpayers with the necessary guidance to understand how to apply the tax system and ensure continuous compliance.
The new Cabinet Resolution stipulates the requirements for maintaining accounting records and commercial books as well as the period and method for keeping them, as well as updates related to the conditions for registration, cancellation and suspension of a tax agent, and the obligations and rights of a tax agent, including the requirement to communicate verbally and in writing in both Arabic and English.
Other important updates also include procedures related to reconciliation in tax evasion crimes in terms of reconciliation terms and controls, tax refund procedures, tax payment and administrative fines in bankruptcy cases.
The decision will come into force as of August 1, 2023, and as an exception, Clause (2) of Article (12) of this decision, related to the conditions that must be met by a legal person wishing to be registered in the tax agents register, will be implemented as of December 1, 2023.
Asim Al-Khouli / Alyazia Al-Kaabi
2023-07-29 14:13:16
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