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Find out moreThis Edition of Law Update, From Africa to Asia: Legal Narratives of Change and Continuity, takes you on a journey through dynamic markets.
Africa is undergoing a tech-driven transformation, overcoming regulatory challenges while its startup ecosystem thrives. India’s legal framework is evolving rapidly, keeping pace with its expanding economy and diverse business environment.
We also dive into China’s regulatory shifts, particularly how they are shaping investments in the MENA region, and explore Korea’s innovative global partnerships, which are driving advancements in industries across the UAE and beyond.
Read NowAs of September 15, 2023, Cabinet Resolution No. (38) of 2022, concerning the Attestation of Commercial Invoices, will come into force. This regulation mandates that all commercial invoices for imported goods valued at 10,000 AED or more in the UAE must undergo attestation by the Ministry of Foreign Affairs and International Cooperation in the UAE (“MoFAIC“) and must be linked to the relevant Import Customs Declaration.
Key Requirements:
Failure to comply with these requirements will result in the imposition of an administrative fine of 500 AED for each invoice that has not been attested and linked. Importers have a limited window of 14 days to complete both the attestation and linking processes for all invoices, including those related to imports between 1 February and the present date.
We urge all clients to ensure compliance with these new regulations by verifying and accurately linking all required invoices through the MoFAIC website and EDAS portal.
Non-compliance with these requirements may lead to financial penalties and potential disruptions to your import operations.
If you require further information about the new regulation or need assistance with the attestation and linking processes, our dedicated team is available to assist you. Please feel free to reach out to our Customs and International Trade team and we will be pleased to guide you through the necessary steps.
Our team is committed to ensuring that your business operations remain compliant with the latest regulatory changes. We appreciate your attention to this critical matter and look forward to helping you smoothly transition to the new requirements.
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