The UAE just eliminated "Valued Added Tax" on all Crypto transfers.
We're witnessing a global sprint towards crypto adoption.
And we *ALL* need to be paying very close attention.
The UAE's main goal?
To boost their position as a global financial hub by making
making it more attractive to digital asset and crypto investors.
Key highlights:
A) VAT exemption on services provided by fund managers to licensed funds
B) No VAT on transferring and converting virtual assets like cryptocurrencies
What does this mean for businesses?
1. Cost Savings: Businesses w/ investment funds expect reduced VAT liabilities
2. Retroactive Relief: Exemptions applied retrospectively from January 1, 2018
3. Enhanced Biz Climate: Positioned as leader in crypto biz friendliness
With these updates, the UAE is poised to attract even more investment and innovation.
What are your thoughts on the move? Would you consider moving to Dubai?
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