In the United Arab Emirates (UAE), companies will soon have to comply with a new law regarding the attestation of import invoices by the Ministry of Foreign Affairs and International Cooperation (MoFAIC).
In 2023, all goods imported into the UAE with a value of AED 10,000 (around $2,722) or more will be subject to this rule.
MaxGrowth Consulting Managing Director, Mayank Sawhney says the attestation will be done electronically for a fee of AED 150 (around $40).
Importers will have a grace period of 14 days after the declaration of goods to comply with the attestation and if they fail to do so, they will be fined AED 500 (approx. $136) per invoice by MoFAIC.
In addition, certain companies with invoices below AED 10,000, personal imports and goods imported from Gulf Cooperation Council (GCC) countries will be exempt from this rule.
Also excluded are imports of transit goods, B2C e-commerce activities, items for diplomatic, police, and military purposes, and charitable organizations.
Follow us on Twitter, Facebook, Instagram, and LinkedIn for the latest news and reviews. Visit our website at: www.storyline.pk