- UAE has made changes to VAT law effective from November 15, 2024
- Simplified requirements for applying 0% VAT rate on exported goods
- Redefined terms such as official evidence, commercial evidence, and delivery certificate
- New conditions for 0% VAT on exported services, with stricter conditions for certain sectors
- Anti-avoidance provisions to prevent misuse of VAT exemptions
- Financial services sector now exempt from VAT for investment fund management and digital asset transactions
- Clarification on VAT treatment for composite supplies without a dominant element
- Updates to definitions of virtual assets, real estate supply, deemed supply, and recoverable input tax on employee medical insurance
Source: nrdoshi.ae
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
