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The finance ministry is gearing up to launch an e-invoicing system in 2026 after amending tax and VAT regulations, Wam reports. The new system — for which it just published a page on its website — aims to streamline invoicing processes for businesses and government entities, enabling immediate exchanges and tax reporting to the Federal Tax Authority (FTA).
What we know about the incoming system: Businesses will be required to issue invoices and credit notes electronically and maintain digital records as part of a phased rollout.
The amendments are step one of a longer process: The amendments authorize the ministry to issue necessary decisions for implementing the system, including tying VAT refunds with compliance with e-invoicing requirements. They also expand the definitions of tax invoice and tax credit note to encompass electronic invoices, along with introducing new definitions for electronic invoices and electronic credit notes.
What’s next? The finance ministry will issue new legislation updates outlining the implementation timelines for the e-invoicing system and specifying the businesses and transactions subject to the new regulations, Wam said. The website said more clarity on requirements and service providers will come in 4Q 2024, while legislation updates will be issued in 2Q 2025, according to the website. Phase one of the system will be rolled out in 2Q 2026.
