{"id":584425,"date":"2024-10-07T07:01:18","date_gmt":"2024-10-07T07:01:18","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=584425"},"modified":"2024-10-07T10:44:00","modified_gmt":"2024-10-07T10:44:00","slug":"united-arab-emirates-updates-tax-rules-to-exempt-crypto-transfers-from-vat","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/united-arab-emirates-updates-tax-rules-to-exempt-crypto-transfers-from-vat","title":{"rendered":"United Arab Emirates Updates Tax Rules To Exempt Crypto Transfers From VAT"},"content":{"rendered":"
The United Arab Emirates has introduced new tax amendments that exempt citizens and businesses from paying VAT on crypto transactions.<\/p>\n
The changes were published by the Federal Tax Authority<\/a> on Oct. 2, and apply to the transfer and conversion of digital assets.<\/p>\n The amendments, which are effective retroactively from January 2018, aim to simplify the tax process for crypto firms.<\/p>\n <\/p>\n According to business consultancy company PwC, the United Arab Emirates defines virtual assets as a “representation of value that can be digitally traded or converted and can be used for investment purposes.” This definition does not include financial securities or fiat currencies.<\/span><\/p>\n 🚨 BREAKING 🚨 <\/p>\n UAE REMOVES VALUE ADDED TAX GIGA BULLISH 🔥 pic.twitter.com\/QhPCZtbgCe<\/a><\/p>\n — Ash Crypto (@Ashcryptoreal) October 6, 2024<\/a><\/p><\/blockquote>\nCrypto Firms Might Need To Voluntarily Disclose Records To Correct Past Tax Filings<\/span><\/h2>\n
\n
(VAT) ON ALL CRYPTO TRANSFERS
AND CONVERSIONS.<\/p>\n