Transfers made outside live rate hours will be based on the most recent exchange rates from the close of business the previous day and will include an additional premium.
Live rates won't be available on public holidays or if we have to close unexpectedly. the closure of the New York market on Friday afternoon local time.the opening of the Hong Kong market on Monday morning local time.the rate for the day before.For immediate transfers in online, mobile and phone banking, we provide live exchange rates which are updated every 40 seconds between: ♦ Where a tax invoice is issued prior to 6 P.M on any given day, it will be acceptable to use the exchange rate published on the U.A.E Central Bank website at the time the tax invoice is raised, i.e. ♦ The U.A.E Central Bank updates the exchange rates on its website each day on or after 6 P.M, to cover the rate applicable for that day ♦ In the event a tax invoice is issued post but where the date of supply was prior to, businesses should use the historical rates as published by the Central Bank GENERAL INFORMATION : ♦ There is no requirement for businesses to reissue historical tax invoices from periods prior to to show the Central Bank exchange rate, provided the exchange rate used is from a reliable source and the same source has been used consistently
the exchange rate published by a U.A.E bank.♦ Examples of reliable exchange rate sources include, but are not limited to: ♦ The source used to obtain the exchange rate should have been consistently used by the business for all tax invoices issued in foreign currencies during the period from 1 January to ♦ Where a tax invoice was issued prior to in a currency other than U.A.E Dirham, the tax invoice should have been converted to U.A.E Dirham using an exchange rate from a reliable source ♦ Businesses must use the exact exchange rate as published by the U.A.E Central Bank, which includes using the same number of decimal places as published USE OF EXCHANGE RATE PRIOR TO MAY 2018 ONWARDS : ♦ Where a tax invoice is issued from onwards, it is required that the exchange rate published by the U.A.E Central Bank is used to convert the foreign currency to the U.A.E Dirham There shall not be a requirement for businesses to convert the value of the import based on the U.A.E Central Bank rate and declare any adjustment due to exchange rate used within Box 7 of the VAT return USE OF EXCHANGE RATE FROM MAY 2018 ONWARDS : ♦ Where the Customs exchange rate used differs from the U.A.E Central Bank exchange rate, businesses shall be permitted to use the exchange rate applied by the Customs department for the purposes of declaring the VAT due on import ♦ Where invoices for imported goods are received in a foreign currency, the Customs department shall convert the value to U.A.E Dirham for the purposes of the import declaration ♦ This value is automatically populated in Box 6 of the VAT return ♦ Where goods are imported into the U.A.E, the VAT due on import shall be automatically calculated based on the import declarations submitted via the relevant Customs Department ♦ It is acceptable to use the date of the invoice as the date of supply of the imported service and use the exchange rate applying as per that date USE OF EXCHANGE RATE FOR IMPORTS OF GOODS : ♦ A foreign supplier, not VAT registered in the U.A.E, is likely to issue an invoice which is not a tax invoice for U.A.E VAT purposes ♦ Businesses should use the U.A.E Central Bank exchange rate applicable on the date of supply ♦ Where businesses import services from foreign suppliers which are subject to VAT under the reverse charge mechanism, the invoice received for the supply is likely to be in a foreign currency USE OF EXCHANGE RATE FOR VAT PURPOSES, IMPORTS OF SERVICES :
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