🚀 Big news from the UAE! Starting Nov 15, 2024, all crypto transactions will be VAT-free! 🎉

1. The Federal Tax Authority (FTA) just announced a major update: no more VAT on virtual assets, retroactive to Jan 1, 2018. So, if you paid VAT on crypto before, time to adjust those filings!

2. This is part of broader VAT reforms aimed at simplifying processes for businesses and citizens dealing with virtual assets.

3. Exporters also get a break with easier documentation for zero-rate VAT on goods exports.

4. Financial services, including managing investment funds, get more VAT exemptions too.

What do you think? Comment below!