UAE Scraps Value Added Tax (VAT) for Crypto Transfers
- The United Arab Emirates has updated its tax legislation to remove the nation’s 5% VAT fee from most crypto transfers.
- The exemption will apply to Virtual Asset conversions and transactions.
- Eligible businesses can claim a tax return on transfers as far back as January 1, 2018.
The United Arab Emirates continues cementing itself as a crypto hub in the Middle East after approving legislation that will remove Value Added Tax from digital asset transfers.
The nation’s Federal Tax Authority approved the move last week, with the changes set to come into effect on the 15th of November 2024. Interestingly, the tax adjustment for cryptocurrencies will be applied retroactively to transactions from Jan 1st,…
