The Central Bank of UAE publishes foreign currency exchange rates against AED for the first time after introduction of VAT
Under Article 69 of the UAE VAT Law, where the currency used on the VAT invoice is a currency other than Arab Emirates Dirham (AED), the amounts are required to be converted into AED at the exchange rates approved by the Central Bank of UAE.
Central Bank of UAE issued such exchange rates against AED on 18 May 2018 on its website, for the first time, the purpose of calculation of VAT obligations under the UAE VAT Law. These rates are expected to be updated Monday to Friday and based on the FX rates prevailing at 6 PM UAE time each day.
The website also provides historical exchange rates. The impact of the prior period transactions owing to such an update need to be reviewed.
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