- UAE VAT amendments effective from November 15, 2024
- Changes apply to all taxable persons, with some industry-specific amendments
- VAT exemption for services by independent fund managers for licensed funds
- Transfer and conversion of virtual assets like bitcoin are VAT-exempt
- Managing virtual assets is taxable if supplied in the UAE for a fee
- Easier proof requirements for zero-rate on exported goods with flexible documentation
- Definition of virtual asset includes cryptocurrencies, excludes digital fiat currencies
- Introduction of the term business day to align with Tax Procedures Law
- New calculation methods for shorter tax years or tax group changes
- Federal Tax Authority can cancel or deregister VAT registration under certain conditions
- Taxable persons in the UAE should understand new rules and regulations
- Some rules retroactively applied from 2018, effective from November 2024
Source: vatabout.com
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.
