- The Federal Tax Authority (FTA) published Cabinet Decision No. (100) of 2024 to update the executive regulation related to VAT
- The updated regulation includes more than 30 amendments affecting different industries
- The changes will become effective on November 15, 2024
- New definitions for virtual assets have been added
- The scope for supplies of real estate has been extended
- Exceptions from supply of services have been added, including transfers between governmental bodies
- Additional output tax threshold for exceptions related to deemed supplies has been added
Source: assets.kpmg.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.
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