The Ministry of Finance is still in the process of preparing the executive VAT regulation, in coordination with the concerned authorities. The Finance Ministry is committed to working with the highest levels of transparency and disclosure principles, and will collaborate with the Federal Tax Authority upon issuing the executive regulation.
The executive regulation of federal law No. (7) of 2017 on tax procedures was previously announced, and aims to clarify several topics including keeping accounting records and commercial books related to tax purposes, period of record-keeping mechanism and saving. In addition to the executive regulation of federal Law No. (7) of 2017 on excise tax, which identifies liability to tax, tax registration and exception methods, rules of tax payment, with a detailed explanation about exemption for exemption for selective goods. The Cabinet also issued the Decision No. (38) of 2017 on excise Goods, excise tax rates and the methods of calculating the excise price.
