👀👀Good News for Cryptocurrencies from the United Arab Emirates (UAE)! 👀👀

The United Arab Emirates Federal Tax Administration (FTA) has announced significant changes to the country’s Value Added Tax (VAT) regulations, granting VAT exemptions for virtual assets, including cryptocurrencies.

These changes were published on October 2, 2024, and will be retroactive to January 1, 2018, allowing businesses operating with virtual assets to reclaim previously paid VAT.

The new regulations are part of the comprehensive changes made to the Executive Regulation of Federal Law Decree No. 8 of 2017 on VAT, within the framework of the Council of Ministers’ Decree No. 100 of 2024. The new rules will come into force on November 15, 2024, and aim to provide clarity on the VAT treatment of various services involving digital assets. The FTA has called on businesses in the virtual asset space to carefully consider the impact of VAT exemptions on their operations, particularly in terms of input tax recovery. Companies may be required to make voluntary declarations to correct their past VAT refunds.

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