In a monumental stride toward a digitally advanced future, the United Arab Emirates (UAE) Ministry of Finance (MoF) has announced a suite of strategic projects, with the spotlight on the groundbreaking UAE E-Invoicing National Platform. This visionary initiative is part of a comprehensive plan aligned with the ‘We the UAE 2031’ vision, propelling the nation’s development trajectory over the next decade and the subsequent 50 years. For further information regarding additional projects undertaken by the Ministry of Finance (MOF) you may refer to: MOF UAE Transformational Projects.
Embracing change for future readiness
His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, underscores the need for qualitative transformations in government work to meet evolving priorities. In response to a dynamic world, the MoF is steering the way forward by introducing flexible and efficient tools. These transformative projects are strategically designed to not only redefine government priorities but also to manage resources effectively and implement projects that align with the UAE’s long-term strategic goals.
The Ministry of Finance aims to solidify its leading role in vital sectors, such as procurement, supply, and environmental sustainability. His Excellency emphasizes the importance of establishing effective partnerships with the private sector to enhance government services, finance projects optimally, and stimulate expenditures on climate and environment for a sustainable future.
Key transformational projects: e-billing system
The Ministry of Finance is pioneering the “E-Billing System” project to develop an advanced electronic billing system at the national level. With completion scheduled for July 2025, this initiative aims to automate tax return procedures, improve tax compliance, and reduce instances of tax evasion.
Following its initial publication on the Ministry of Finance (MOF) website, further information into UAE e-Invoicing were presented by MOF representative Joanna Declercq during the second year of the e-Invoicing Exchange Summit Dubai. The presentation included the following key points:
- UAE e-Invoicing encompasses both Business-to-Business (B2B) and Business-to-Government (B2G) transactions across the Emirates, with potential plans for Business-to-Consumer (B2C) transactions in the future.
- In 2024, MOF will issue requirements for Service Providers.
- By 2025, official e-Invoicing legislation will be released, outlining compliance specifications. Additionally, pilot projects may commence on a voluntary basis for local entities.
- By the end of 2025, MOF UAE will unveil the rollout strategy for 2026.
- The first go-live date is scheduled for July 2026.
- MOF has adopted the 5-corner model, aligning with Peppol standards. The role of a Service Provider is pivotal in ensuring local companies comply with legislation. With its established presence in the UAE market and ongoing e-Invoicing projects, Infinite IT is committed to guiding its partners to meet compliance standards effectively.
As the UAE embraces these transformative projects, it solidifies its commitment to innovation, sustainability, and efficient governance. The introduction of the E-Invoicing National Mandate stands as a testament to the UAE’s dedication to becoming a global leader in digital government, setting the stage for a future where financial processes are streamlined, collaborations thrive, and economic growth is sustained.
