- UAE government released significant amendments to the UAE VAT Executive Regulations on 2 October 2024
- Effective date of changes is 15 November 2024
- Key amendments include changes to fund management services and inclusion of “Virtual Assets” definition and exemption
- Fund management services are now exempt from VAT
- Virtual Assets, including virtual currencies, are also exempt from VAT
- Changes impact VAT treatment, compliance processes, and obligations for taxpayers
- Taxpayers advised to assess amendments and ensure compliance by implementation date
Source: insightplus.bakermckenzie.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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