Last Updated on: 10th July 2023, 03:21 pm
The UAE is Changing The Import Law For Everything Bought By Companies
Businesses in the United Arab Emirates (UAE) will soon have to comply with a new law on import invoice certification from the Ministry of Foreign Affairs and International Cooperation (MoFAIC).
From 1 February 2023, all goods imported into the UAE with a value of AED 10,000 (approx. USD 2,722) or more will be subject to this new rule.
According to Mayank Sawhney, CEO of MaxGrowth Consulting, the certification is done electronically for a fee of AED150 (about $40) per commercial invoice.
He said that after the goods declaration, importers have a 14-day grace period to comply with the certificate, and if they fail to do so, MoFAIC will fine them AED500 (about US$136) per invoice.
In addition, certain businesses with invoices under AED 10,000, personal imports, goods imported from Gulf Cooperation Council (GCC) countries, and goods imported into free zones are exempt from this rule.
In addition, imports of goods in transit, B2C e-commerce activities, items for diplomatic, police, and military purposes, charities, and international organizations are also excluded.
Also Read: The Largest Hypermarket in The UAE Freezes The Prices Of More Than 200 Essential Items