- UAE has removed the 5% VAT fee from most crypto transfers
- Exemption applies to Virtual Asset conversions and transactions
- Eligible businesses can claim a tax return on transfers dating back to January 1, 2018
- The changes will come into effect on November 15, 2024
- VAT exemptions will apply to crypto conversions and transfers
- Businesses can claim back VAT paid on eligible transfers since 2018
- The changes will specifically apply to the management of investment funds, transferring ownership of Virtual Assets, and converting Virtual Assets
- UAE is streamlining tax obligations for Web3 businesses
- UAE introduced a local Virtual Assets Regulatory Authority in March 2022
- The changes will provide relief to local businesses in the blockchain sector
Source: cryptonews.com.au
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.
