>The changes, which will come into effect on November 15, following Cabinet Decision No. (100) of 2024, introduce a VAT exemption for transferring and converting virtual assets, including cryptocurrencies.
>Citizens and businesses involved in crypto will now be exempt from VAT on the transfer and conversion of virtual assets
lennethluna on
Crypto heaven for the rich.
coinfeeds-bot on
tldr; The UAE has announced that starting November 15, 2024, crypto transfers and conversions will be exempt from VAT. This change, part of amendments to the Executive Regulation of Federal Decree-Law No. 8 of 2017, aims to simplify tax processes for businesses dealing with cryptocurrencies. The Federal Tax Authority’s decision also includes retroactive VAT exemptions for virtual asset transactions from January 1, 2018. Businesses must reassess their VAT obligations and may need to correct past filings to comply with the new regulations.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
kirtash93 on
And this is how you attract investment to your country. Once they are settled, you tax it and win because the costs of leaving do not worth it.
US and EU should learn.
CreepToeCurrentSea on
Every country is now making a competition to be the next Crypto Hub, it’s either gonna be Asia or UAE.
6 Comments
>**The Federal Tax Authority (FTA) of the UAE has** [**published**](https://www.pwc.com/m1/en/services/tax/me-tax-legal-news/2024/uae-vat-executive-regulation-amendments.html) **amendments to the Executive Regulation of Federal Decree-Law No. 8 of 2017, which regulates Value Added Tax (VAT).**
>The changes, which will come into effect on November 15, following Cabinet Decision No. (100) of 2024, introduce a VAT exemption for transferring and converting virtual assets, including cryptocurrencies.
>Citizens and businesses involved in crypto will now be exempt from VAT on the transfer and conversion of virtual assets
Crypto heaven for the rich.
tldr; The UAE has announced that starting November 15, 2024, crypto transfers and conversions will be exempt from VAT. This change, part of amendments to the Executive Regulation of Federal Decree-Law No. 8 of 2017, aims to simplify tax processes for businesses dealing with cryptocurrencies. The Federal Tax Authority’s decision also includes retroactive VAT exemptions for virtual asset transactions from January 1, 2018. Businesses must reassess their VAT obligations and may need to correct past filings to comply with the new regulations.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
And this is how you attract investment to your country. Once they are settled, you tax it and win because the costs of leaving do not worth it.
US and EU should learn.
Every country is now making a competition to be the next Crypto Hub, it’s either gonna be Asia or UAE.
I like this news!