The UAE has implemented amendments to its Value-Added Tax (VAT) regulations.
The new amendments will exempt the transactions and conversions of crypto assets from VAT.
The FTA has urged crypto businesses in the country to review their retrospective VAT position.
The United Arab Emirates (UAE) made crypto transactions and conversions VAT-free with amendments to its Value-Added Tax (VAT) regulations. This change, effective January 1, 2018, solidifies the UAEâs position as a leading crypto hub.
The UAEâs Federal Tax Authority (FTA) issued the VAT amendments on October 2, 2024. Tax consultancy firm PwC noted that the UAE defines cryptocurrencies as ârepresentations of value that can be digitally traded or converted.â The auditing firm added that this category excludes financial securities and fiat currencies.
Bitcoin enthusiast Kyle Chasse called the development âbullish.â He said the UAEâs move to eliminate VAT for crypto transfers is âhugeâ for both individual and institutional investors.
BULLISH!!
UAE ELIMINATES VAT (VALUE-ADDED TAX) FOR ALL CRYPTO TRANSFERS.
THIS IS HUGE FOR PEOPLE AND COMPANIES DEALING WITH DIGITAL ASSETS!
DON'T YOU DAREâŠ
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