Tax Alert on use of Exchange rate |
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The Federal Tax Authority has released a clarification on use of exchange rates for VAT purposes. Article 69 of the UAE VAT Decree Law read with Article 59 of the UAE VAT Executive Regulations states that where a supply was made in a currency other than UAE Dirham, the amount stated on the tax invoice should be converted to UAE Dirham according to the rates approved by the UAE Central Bank at the date of supply. |
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