The Ministry of Finance has announced updates to Cabinet Decision No. 74 of 2023 concerning the executive regulations of Federal Decree-Law No. 28 of 2022 related to tax procedures. These updates are based on amendments ratified by Federal Decree-Law No. 28 of 2022, which will take effect from January 1, 2026. The new measures will be implemented starting April 1, 2026.
According to a press release issued on Wednesday, the modifications include: clarifications on the voluntary declaration submission processes and their alignment with changes in tax procedure laws, stipulations that the refund procedures encompass any credit balance owed to the taxpayer, alterations to the disclosure mechanisms for relevant government agencies while ensuring data confidentiality and usage limits, an extension of the record-keeping duration by an additional two years for tax periods related to refund requests submitted before the expiry of the statute of limitations without a resolution from the authority, and the introduction of a potential extension for retaining documents or assets for tax audit purposes.
The ministry emphasized that these actions aim to enhance transparency, facilitate compliance for taxpayers, and ensure the accuracy of tax procedures while safeguarding their rights.