- UAE VAT Executive Regulations (VAT ER) have been amended with an effective date of 15 November 2024
- Changes have implications for businesses across all industries
- Key takeaways include amendments to financial services VAT exemption and zero-rate for export of goods
- Financial services exemption now includes fund management and virtual assets
- Exemptions reduce compliance burden but may impact input VAT recovery
- Definition and rules for virtual assets have been clarified
- Zero-rate for export of goods now has clearer documentation requirements
- Businesses may need to assess historic filing positions and take corrective action
Source: deloitte.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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