Cabinet Resolution No. (38) of 2022 confirms the necessity of obtaining attestation from the Ministry of Foreign Affairs and International Cooperation in the UAE for all commercial invoices related to imported goods valued at 10,000 AED or higher. This attestation is a mandatory requirement and must be associated with the corresponding import customs declaration.
Attestation of commercial invoices: Importers are obligated to have all their commercial invoices attested by the Ministry of Foreign Affairs and International Cooperation (MoFAIC). To streamline this procedure, importers are encouraged to establish an account on MoFAIC’s EDAS portal. This account not only simplifies the attestation process but also provides MoFAIC with valuable insights into the importer’s business and its routine transactions.
Linking of commercial invoices: The requirement is designed to facilitate the linkage between the commercial invoice and the customs declaration through the EDAS portal following the attestation process. This ensures a clear connection between the commercial invoice and the corresponding transaction made by the company.
Failure by the company to adhere to this requirement will result in the imposition of an administrative fine of 500 AED. Importers are mandated to complete the attestation and linking process for their invoices within a 14-day period, encompassing all imports made from February 1, 2023, onward. It is mandatory for all companies to adhere to the new regulation by verifying and linking their requirements with both the MoFAIC and EDAS portals for ease of compliance. Non-compliance with these conditions carries the risk of financial penalties and potential disruptions to the company’s import operations.
More about the new rules and regulations
The attestation process can be swiftly completed through the MoFAIC websites, MoFAIC offices within the UAE, UAE’s representation missions abroad, local bank branches operating within the UAE, or local customs offices. The fixed fee for attesting commercial invoices is 150 AED, and this fee should be paid within 14 days of the completion of the process. Failure to comply and repeated violations by a company may lead to more severe penalties.
There are several exemptions to these regulations, including personal imports and goods imported from Gulf Cooperation Council countries, as well as those from free zones.
To ensure compliance with these business requirements, it is imperative that companies promptly review all their import processes and ensure that the attestation process is carried out as required. In order to operationalize compliance, companies should also take steps to educate their supply chain personnel about the new requirements and provide them with the necessary training to effectively utilize the online system.
Act Now to Ensure Compliance! Contact NR Doshi email@example.com
The rapid expansion of the global economy has brought about a heightened scrutiny of traditional money laundering risks within the financial sector. However, there is a growing concern regarding the attractiveness of international trade as a means for illicit actors to launder their funds. Estimates suggest that over the period from 2011 to 2022, more than USD 60 billion may have been laundered in this manner. Trade-based money laundering (TBML) can often be a complex process, involving various elements that span across different sectors and national borders. This complexity poses a significant challenge for authorities tasked with detecting and combating such financial activities, as highlighted by the Financial Action Task Force.
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