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E-archiving is an enabler in prepping for VAT

August 14, 2017 UAE Business 0

January 2018 marks the moment for all VAT registered businesses across the GCC to start keeping records of their transaction documents: invoices, records, VAT returns, accounts and others. According to the Tax Procedures Law recently released by the President of the UAE, the retention period of VAT records for all UAE-based businesses will be 5 years. This new obligation will be particularly challenging to organisations with a big volume of documents, such as trading companies, because it implies extra administrative duties and additional costs of space rental. With this in mind, electronic archiving appears to be a true enabler and facilitator for GCC businesses, offering compliance with the legal changes and easy access to transaction documents for tax audits. Read more