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Cryptocurrency News Articles

The UAE No Longer Subjects Virtual Assets and Investment Fund Management to Value-Added Tax

Oct 10, 2024 at 06:06 pm

The adjustments made in response to a Cabinet decision are effective November 15 this year.

The UAE No Longer Subjects Virtual Assets and Investment Fund Management to Value-Added Tax

The Federal Tax Authority (FTA) in the United Arab Emirates (UAE) has announced that virtual assets and investment fund management will no longer be subject to value-added tax (VAT), according to an updated version of the Executive Regulation of Federal Decree Law that was released on October 2.

The adjustments, which are being made in response to a Cabinet decision, will take effect on November 15 of this year.

These revisions are being made to bring the law into line with earlier changes that were made to the Decree-Law and other tax laws that are now in effect, to clarify key clauses and procedures, and to provide additional information.

According to the new legislation, which pertains to financial services, the management of investment funds, the ownership and transfer of virtual assets (including cryptocurrencies), and the conversion of virtual assets, would not be subject to value-added tax (VAT).

The exceptions that were made regarding the conversion, transfer, and ownership of virtual assets went into effect on January 1, 2018.

The UAE decided the previous week that a variety of activities would be exempt from VAT, including the exchange of digital assets (such as digital currencies), the storage and supervision of virtual assets, and the transformation of virtual assets.

The initiatives taken by the United Arab Emirates are a component of a broader effort to stimulate the development of cutting-edge regulatory frameworks for such endeavors.

While the United States continues to lack clarity and India has implemented a 30% tax that has effectively shifted activity offshore, other countries have adopted alternative strategies.

However, market participants can rest easy knowing that the United Arab Emirates is still unrivaled in digital assets.

The UAE is placed first in this year's Crypto Adoption Index, according to recent research conducted by Henley&Partners, which also positions the country among the top 12 in terms of both public adoption and technological innovation.

The study highlights the low-tax jurisdiction of the United Arab Emirates as an appealing environment for crypto enterprises, which is a key factor in the country's crypto growth.

The UAE is ranked second only to the United States in terms of popular adoption of cryptocurrency. Surprisingly, no other Arab nation made it into this year's top 12.

According to the Index, the UAE is a top destination for cryptocurrency investors, with many in the Emirate interested, and already invested in digital assets.

A robust startup environment and solid government assistance are in sync with this level of excitement.

The latest tax exemption will add to its allure for crypto investors looking for places to invest in digital assets.

News source:www.blockhead.co

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