UAE VAT Updates: Exemptions for Investment Firms and Crypto Industries Boost Business Friendliness

• UAE’s new VAT updates to take effect on November 15, 2024
• Investment fund management and virtual assets to receive key exemptions
• Changes aim to streamline VAT regulations, stimulate investment, and align with international standards
• Services provided by fund managers to licensed funds exempt from VAT
• Transfer and conversion of virtual assets, including cryptocurrencies, exempt from VAT
• Changes to rules for exporting goods and services and clearer definitions for supply-related terms
• Charitable and government entities benefit from VAT exemptions on certain in-kind donations
• Businesses in all industries advised to carefully review the amendments and analyze impact on VAT position
• Reforms seen as strategic step to balance revenue collection and enhance investment opportunities in UAE.

Source: gulfbusiness.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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