Document background
The Bill of Sale Receipt is a crucial document in UAE business operations, used to document the transfer of ownership in sale transactions. This document type is governed by UAE Federal Law No. 5 of 1985 (Civil Code) and Federal Law No. 18 of 1993 (Commercial Transactions Law), with additional requirements under the UAE VAT legislation introduced in 2018. A Bill of Sale Receipt is required whenever ownership of goods or assets is transferred in exchange for payment, whether in business-to-business or business-to-consumer transactions. It serves multiple purposes: providing proof of ownership, meeting tax compliance requirements, protecting both buyer and seller's interests, and creating a clear record of the transaction terms. The document is particularly important for high-value items, vehicle sales, and transactions where future verification of ownership may be necessary.
