Today, the Ministry of Finance in the UAE announced the issuance of Cabinet Resolution 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 regulation The current executive regulations related to tax procedures in order to be in line with the new tax procedures law, which entered into force as of March 1, 2023, including updating definitions, procedures and processes.
Noting 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 decision stipulates the requirements for maintaining accounting records and commercial books, as well as the period and method for keeping them. The new Cabinet decision also includes updates related to the conditions for registering, canceling and suspending a tax agent, and the obligations and rights of a tax agent, including the requirement to communicate orally and in writing in Arabic and English.
Other important updates 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.
Cabinet Resolution No. (74) of 2023 comes into effect as of August 1, 2023, and as an exception from that, 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, starts with From December 1, 2023.
