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The New Rules of Technology
This edition of Law Update looks at how technology is changing the legal questions businesses are facing across the region. From AI and deepfakes to cyber incidents, cloud services, data protection and digital assets, our lawyers examine where the risks are emerging and how regulators are responding.
The edition also brings together recent legislative developments and significant court decisions from across the UAE and Saudi Arabia, with a closer look at what they mean in practice for businesses operating in the region.
As 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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