UAE eInvoicing Timeline
October 30, 2024
UAE eInvoicing Timeline
A broad overview of the timelines reveals development of the Service Providers Accreditation requirements and procedures along with development of the UAE data dictionary is scheduled for Q4 2024 while eInvoicing legislation is scheduled until Q2 2025. The first phase of go-live for reporting is estimated to be around July 2026.
An eInvoice is an invoice issued, transmitted and received in a structured data format which allows for its automatic and electronic processing. It is reported worldwide total invoice volume totalled 550 billion in 2023 while digital proportion accounted for 108 billion. The current annual growth rate is estimated to be around 20%.
eInvoicing efforts in the UAE can go a long way in enabling a digital and paperless economy, reducing tax gaps, tax evasions and enhancing taxpayer and end user experience. UAE has selected the Decentralized Continuous Transaction Control and Exchange (DCTCE) / 5 corner model and will be using the Peppol network to leverage for invoice exchange and interoperability.
Key benefits of eInvoicing
- Enhances effectiveness and transparency
- Improved taxpayer and user experience
- Accelerates digitization
- Contributes to economic growth and competitiveness
- Reduces processing time
- Brings down tax gap and increases compliance
For all tax related queries, email our team at info@uhy-ae.com to address any tax related gaps within the business.