- In September 2024, the UAE Cabinet approved Decision No. 100 of 2024, amending the Executive Regulations of the VAT Federal Decree-Law to simplify procedures, align with international standards, and reduce legal misunderstandings.
- Key amendments include exemptions for investment fund management services by independent fund managers, financial services related to virtual assets (such as transfers and management of virtual currencies), and in-kind donations between charitable and government entities, with VAT recovery up to AED 5 million over 12 months.
- The amendments enhance tax compliance by empowering the Federal Tax Authority to deregister taxpayers in specific situations and will generally take effect from November 15, 2024, while the provisions concerning virtual assets will be retroactive to January 1, 2018.
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