2024

Satoshi

United

Value

The United Arab Emirates Federal Tax Administration (FTA) has announced significant changes to the country’s Value Added Tax (VAT) regulations, introducing VAT exemptions for virtual assets, including cryptocurrencies.
The changes were published on 2 October 2024 and will apply retroactively from 1 January 2018, allowing businesses dealing with virtual assets to reclaim VAT they have previously paid.
These changes are part of broader amendments to the Executive Regulation of Federal Legislative Decree No. 8 of 2017 on VAT, following the Council of Ministers Decree No. 100 of 2024. The new rules will enter into force on 15 November 2024 and aim to increase clarity regarding the VAT treatment of various services, including those involving digital assets.
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The FTA urged businesses in the virtual asset space to carefully analyse the impact of VAT exemptions on their operations, particularly in relation to input tax recovery. Companies may be required to make voluntary declarations to correct past VAT refunds.
*This is not investment advice.
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Good News for Crypto Coins from the United Arab Emirates (UAE)

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