{"id":17574,"date":"2024-10-07T14:01:18","date_gmt":"2024-10-07T11:01:18","guid":{"rendered":"https:\/\/forklog.com\/en\/uae-abolishes-vat-on-cryptocurrency-transactions\/"},"modified":"2024-10-07T14:01:18","modified_gmt":"2024-10-07T11:01:18","slug":"uae-abolishes-vat-on-cryptocurrency-transactions","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/uae-abolishes-vat-on-cryptocurrency-transactions\/","title":{"rendered":"UAE Abolishes VAT on Cryptocurrency Transactions"},"content":{"rendered":"<p>The UAE authorities have <a href=\"https:\/\/www.pwc.com\/m1\/en\/services\/tax\/me-tax-legal-news\/2024\/uae-vat-executive-regulation-amendments.html\">exempted<\/a> all cryptocurrency transactions from the 5% value-added tax. This was highlighted by <a href=\"https:\/\/www.pwc.com\/m1\/en\/services\/tax\/me-tax-legal-news\/2024\/uae-vat-executive-regulation-amendments.html\">PwC<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The UAE has effectively placed digital assets on par with <span data-descr=\"traditional finance\" class=\"old_tooltip\">TradFi<\/span>. This legitimizes cryptocurrencies,&#8221;<\/em> <em>\u2014<\/em><a href=\"https:\/\/www.coindesk.com\/policy\/2024\/10\/07\/uae-exempts-crypto-transactions-from-value-added-tax\/\">commented<\/a> Ankita Dhawan, a senior research fellow at the M\u00e9tis Institute.<\/p>\n<\/blockquote>\n<p>The exemption is retroactive from January 1, 2018. Companies involved with digital assets can apply for a refund of the VAT paid.<\/p>\n<p>The new rules also provide VAT exemption for additional services, including investment fund management, transfer, and conversion of virtual assets.<\/p>\n<p>According to Milkroad, the UAE, along with Singapore and Turkey, ranks among the top three in terms of digital asset adoption.<\/p>\n<p>Earlier, on June 5, 2024, the country&#8217;s central bank board of directors <a href=\"https:\/\/forklog.com\/en\/news\/legal-expert-criticizes-uaes-new-cryptocurrency-regulations\">approved<\/a> amendments to the regulation on the supervision and licensing of stablecoins. According to the document, such assets must be backed by dirhams and cannot be pegged to other currencies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UAE authorities have exempted all cryptocurrency transactions from the 5% value-added tax. This was highlighted by PwC. &#8220;The UAE has effectively placed digital assets on par with TradFi. This legitimizes cryptocurrencies,&#8221; \u2014commented Ankita Dhawan, a senior research fellow at the M\u00e9tis Institute. The exemption is retroactive from January 1, 2018. Companies involved with digital [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,558,42],"class_list":["post-17574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-taxes","tag-uae"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=17574"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17574\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/17573"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=17574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=17574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=17574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}