- FTI Consulting UAE VAT Update discusses amendments to the UAE VAT Executive Regulations following the introduction of Corporate Tax in the UAE
- The Federal Tax Authority has updated the VAT regulations, effective mostly from 15 November 2024, with some changes retroactive to 2018 and 2023
- Key amendments include exemptions for fund management services and virtual asset transactions, specifics on export documentation, and input tax recoverability on health insurance for employees
- Article 2 now includes broader scenarios in the supply of goods, covering various real estate transactions beyond traditional sales or leases
- A new Article 3 bis outlines exceptions in the supply definitions, focusing on transactions between government entities involving real estate and similar projects, effective from 1 January 2023
- These changes aim to clarify the VAT law’s scope and enhance compliance among businesses in the UAE
Source: fticonsulting.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.
