- On March 14, 2025, the UAE FTA issued Public Clarification No. 40 outlining major amendments to the UAE VAT Executive Regulations.
- Cabinet Decision No. 100 of 2024 introduced 35 amendments across 34 articles, effective November 15, 2024.
- The Public Clarification provides insights into key legislative changes with practical examples.
- Definition of Virtual Assets: Revised Article 1 defines virtual assets, recognizing Bitcoin and Ethereum as crypto currencies.
- VAT Exemption for Virtual Assets: Article 42 exempts the transfer of virtual assets from VAT retroactively from January 1, 2018.
- Exemption for Investment Fund Management Services: Article 42 adds an exemption for the management of investment funds.
- VAT Treatment of Composite Supplies: Revised Article 46 states VAT treatment should be based on the general nature of the supply.
- The Public Clarification does not cover all amendments in detail; further analysis is expected.
- Aurifer highlights 10 points regarding VAT Public Clarification No. 40 to assist clients with updates.
Source: mailchi.mp
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.
