2024

United

Impact

The Federal Tax Authority (FTA) of the United Arab Emirates (UAE) has announced significant changes to the country’s Value-Added Tax (VAT) regulations, introducing exemptions for cryptocurrencies and other virtual assets. 
<h2 id="vat-exemptions-for-virtual-assets">VAT Exemptions for Virtual Assets</h2> 
The changes, published on October 2, 2024, apply retroactively from January 1, 2018. This allows businesses dealing with virtual assets to reclaim VAT they have previously paid. These updates follow the Cabinet Resolution No. 100 of 2024 and are part of broader amendments to the Executive <a href="https://www.turkishnyradio.com/imf-calls-for-stricter-bitcoin-regulations-in-el-salvador/" target="_blank" rel="noopener">Regulations</a> of Federal Decree-Law No. 8 of 2017 on VAT. 
The new rules, set to take effect on November 15, 2024, aim to provide more clarity on the VAT treatment of various services, including those involving digital assets. 
<img loading="lazy" decoding="async" class="alignnone size-full wp-image-21711" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/representing-the-introduction-of-VAT-exemptions-for-cryptocurrencies-in-the-United-Arab-Emirates-The-visual-should-fe.webp" alt="representing the introduction of VAT exemptions for cryptocurrencies in the United Arab Emirates The visual should fe" width="1792" height="1024" title="Good News for Cryptocurrencies from the UAE: VAT Exemption Introduced! 26" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/10/representing-the-introduction-of-VAT-exemptions-for-cryptocurrencies-in-the-United-Arab-Emirates-The-visual-should-fe.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/representing-the-introduction-of-VAT-exemptions-for-cryptocurrencies-in-the-United-Arab-Emirates-The-visual-should-fe-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/representing-the-introduction-of-VAT-exemptions-for-cryptocurrencies-in-the-United-Arab-Emirates-The-visual-should-fe-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px"> 
<h2 id="impact-on-businesses">Impact on Businesses</h2> 
The FTA has urged businesses in the virtual asset sector to carefully assess how the VAT exemptions will impact their operations, particularly regarding input tax recovery. Companies may need to submit voluntary disclosures to correct past VAT refunds. 
This development provides a significant boost to the cryptocurrency industry in the UAE, as it clarifies the tax treatment of virtual assets and allows for potential cost savings for businesses operating in this sector. 
For more in-depth news on this and other developments, stay tuned to Turkish NY Radio.

Good News for Cryptocurrencies from the UAE: VAT Exemption Introduced!

Table of Contents

TNYR

Other articles published on Oct 7, 2024

New Solana Memecoin Dumb Kamala (DUMBKAMA) Will Skyrocket 16,000% Ahead of Exchange Listings, As ...

Aptos Ecosystem Receives Major Backing with New Fund from Top Venture Firms

Crypto Losses in 2024 Soar to $2.11 Billion, Surpassing 2023’s Annual Total: Report

CryptoPunk 1563 “Sells” for $56M: Real Deal or Flash Loan Stunt?

Bitcoin Price Nears $66K: Rally or Bull Trap?

Curve Finance Considers Removing TUSD from crvUSD Collateral Amid SEC Accusations

Join our free newsletter for daily crypto updates!