Companies in the United Arab Emirates (UAE) will soon be required to adhere with a new law regarding the attestation of import invoices by the Ministry of Foreign Affairs and International Cooperation (MoFAIC).
Beginning on 1 February 2023, all goods imported into the UAE with a value of AED 10,000 (around $2,722) or more will be subject to this new rule.
According to Mayank Sawhney, Managing Director of MaxGrowth Consulting, the attestation will be completed electronically for a fee of AED 150 (around $40) per commercial invoice.
He stated that importers will have a grace period of 14 days after the declaration of goods to comply with the attestation, and upon failure, they will be fined AED 500 (approx. $136) per invoice by MoFAIC.
Besides, certain companies with invoices below AED 10,000, personal imports, goods imported from Gulf Cooperation Council (GCC) countries, and goods brought into free zones, will be exempt from this rule.
In addition, imports of transit goods, B2C e-commerce activities, items for diplomatic, police, and military purposes, charitable societies, and international organizations will also be excluded.