- FTA released amendments to VAT Executive Regulations on October 2, 2024
- Amendments effective from November 15, 2024 under Cabinet Decision No. (100) of 2024
- Key provisions and procedures clarified
- Notable amendments to Articles 30, 31, 42, and 46
- Changes impact export documentation, services, financial services, and tax treatment of composite supplies
- Exporters can provide more flexible documentation for VAT zero rate
- Stricter rules for zero-rated services, especially regarding place of supply
- VAT exemption on managing investment funds and virtual asset transactions retroactively effective from January 1, 2018
- Guidance provided on VAT treatment for composite supplies without clear primary component
- Taxpayers advised to review changes for impact on business operations and VAT obligations
Source: premier-brains.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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