Tax Credit Note – Article 60 – VAT Executive Regulations

Article 60 – Tax Credit Note

1. The Tax Credit Note shall contain the following:
   1. The words “Tax Credit Note” clearly displayed on the invoice.
   2. The name, address, and Tax Registration Number of the Registrant making the supply.
   3. The name, address, and Tax Registration Number of the Recipient where he is a Registrant.
   4. The date of issuing the Tax Credit Note.
   5. The value of the supply shown on the Tax Invoice, the correct amount of the value of the supply, the difference between those two amounts, and the Tax charged that relates to that difference in AED.
   6. A brief explanation of the circumstances giving rise to the issuing of the Tax Credit Note.
   7. Information sufficient to identify the supply to which the Tax Credit Note relates.
2. Where, on application by a Taxable Person, the Authority considers that there are or will be sufficient records available to establish the particulars of any supply or class of supplies, and that it would be impractical to require that a Tax Credit Note be issued by the Taxable Person, the Authority may determine any of the following, subject to any conditions that the Authority may consider necessary:
   1. Any one or more of the particulars specified in Clause 1 of this Article shall not be contained on a Tax Credit Note.
   2. A Tax Credit Note is not required to be issued.
3. The Taxable Person may issue a Tax Credit Note by electronic means provided that:
   1. The Taxable Person must be capable of securely storing a copy of the electronic Tax Credit Note in compliance with the record-keeping requirements.
   2. The authenticity of origin and integrity of content of the electronic Tax Credit Note should be guaranteed.
4. Where a Recipient of Goods or Recipient of Services agrees to raise a Tax Credit Note on behalf of a Registrant Supplier in respect of a supply of Goods or Services, that document shall be treated as if it had been issued by the supplier if the following conditions are met:
   1. The Recipient of Goods or Recipient of Services is a Registrant.
   2. The Supplier and the Recipient of Goods or Recipient of Services agree that the Supplier shall not issue a Tax Credit Note in respect of any supply to which this Clause applies.
   3. The Tax Credit Note shall contain the particulars required under Clause 1 of this Article.
   4. The words “Tax Credit Note created by buyer” are clearly displayed on the Tax Credit Note.
5. Where a Tax Credit Note is issued pursuant to Clause 4 of this Article, any tax credit note issued by the supplier in respect of that supply shall be deemed not to be a Tax Credit Note.
6. Where an agent who is a Registrant makes a supply of Goods and Services for and on behalf of the principal of that agent, that agent may issue a Tax Credit Note in relation to that supply as if that agent had made the supply, and provided that the principal shall not issue a Tax Credit Note.
7. Where approval has been granted by the Authority under Clause 2 of this Article, that approval may be withdrawn at any time where the Authority considers that the conditions of that approval have not been met.