• On the front of the new Dh5 note is a depiction of Ajman Fort. All photos: CBUAE
    On the front of the new Dh5 note is a depiction of Ajman Fort. All photos: CBUAE
  • On the back of the new Dh5 notes is an image of Dhayah Fort in Ras Al Khaimah.
    On the back of the new Dh5 notes is an image of Dhayah Fort in Ras Al Khaimah.
  • On the back of the new Dh10 is the Khorfakkan amphitheatre, a cultural landmark in Sharjah.
    On the back of the new Dh10 is the Khorfakkan amphitheatre, a cultural landmark in Sharjah.
  • On the new Dh10 note is an image of Sheikh Zayed Grand Mosque in Abu Dhabi.
    On the new Dh10 note is an image of Sheikh Zayed Grand Mosque in Abu Dhabi.

UAE

Heritage

UAE Central Bank launches new Dh5 and Dh10 notes

The polymer notes will enter circulation within the next five days

Sarah Forster
Sarah Forster

April 21, 2022

  • English
  • Arabic

The Central Bank of the United Arab Emirates has launched two new banknotes.

The Dh5 and Dh10 notes are made of polymer and include a number of security features.

The banknotes are the third version of the Dh5 and Dh10 notes and use environmentally friendly and recyclable polymer material. The material is more durable than traditional cotton-paper banknotes, lasting two or more times longer in circulation.

The notes include a transparent window featuring a portrait of the late Founding Father, Sheikh Zayed bin Sultan Al Nahyan. They also feature the UAE brand logo, along with fluorescent drawings and inscriptions created using special printing techniques.

The UAE launched a new Dh50 note to coincide with its 50th anniversary last year.

Dh5 note

The same colour scheme has been kept for the new Dh5 note, so that the public does not confuse it with another denomination.

The design includes UAE national symbols, and in the forefront of the note is a depiction of Ajman Fort. Appearing on the back of the note is an image of Dhayah Fort in Ras Al Khaimah.

Dh10 note

Similar to the Dh5 note, this one also keeps its familiar green hue. In the centre is an image of the iconic Sheikh Zayed Grand Mosque in Abu Dhabi. On the back is a depiction of the Khorfakkan amphitheatre, a notable cultural landmark in Sharjah.

When will the new notes be available?

The Dh10 note will enter circulation today and the Dh5 one on Tuesday, April 26.

Current versions of the notes will continue to be used along with the new polymer versions.

The new Dh50 note was launched to coincide with the Year of the 50th. Photo: CBUAE
The new Dh50 note was launched to coincide with the Year of the 50th. Photo: CBUAE

Both notes have security features to combat counterfeiting and feature braille symbols for the visually impaired.

“The new banknote issuance of five and 10 dirhams, and previously the 50 dirham note, is a source of great pride and honour," said Khalid Mohammed Balama, Governor of the Central Bank.

"The new banknotes feature symbols and images that reflect the UAE’s history and heritage, as well as embodying development and modernisation.”

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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