EXECUTIVE REGULATIONS | AMENDED UAE VAT | EFFECTIVE 15 NOVEMBER 2024
The UAE Federal Tax Authority (FTA) has circulated the Cabinet Decision No. (100) of 2024 (Decision), which amends the Executive Regulations of Federal Decree-Law No. (8) of 2017, effective from 15 November 2024.
The FTA has released the Arabic version of the Decision, and we expect the English version of the decision to be released soon this month.
What has changed?
The main changes, according to the preliminary information available, include:
- VAT exemptions for the transfer of digital assets and cryptocurrencies, applied retroactively from January 1, 2018.
- VAT exemptions for investment fund management.
- New eligibility requirements for zero-rated export services.
- Clarification on VAT treatment for single composite supplies.
The above stated alterations may have a substantial impact on your business operations, especially in industries connected to investment funds, digital assets, and export services. Chrysalis will offer a more detailed analysis in our forthcoming articles.
What to expect next?
- Stay Informed: Be on the lookout for the English version of the amended regulations to be released by the FTA.
- Evaluate the Impact: Conduct a comprehensive review of how these amendments could influence your business operations, particularly concerning investment funds, digital assets, and export services.
- Apply Changes: Identify and implement the necessary adjustments to ensure your business complies with the updated regulations.
- Keep an eye out for our detailed updates on this subject.
Chrysalis can always help!
We offer tax and VAT advisory, optimization, registration, implementation, compliance, and training services in the UAE.
Our Corporate Taxation services are tailored to meet the needs of high-growth companies, offering support through all phases of tax advisory, implementation, compliance, and management.
With our experienced team of tax advisors, HR consultants, finance experts, and accountants, we provide cost-effective solutions to ensure smooth and compliant implementation.
Financial services
If you need any professional advise/ guidance regarding UAE CT, you may please contact our Tax Department:
Tax Advisor: Aqiel Booso
Email: [email protected]
Phone: +971 454 13205
+971 457 52971
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