UAE, 04 October, 2024 : The UAE Federal Tax Authority (FTA) has announced the release of the amended VAT Executive Regulations, which will be effective from 15th November 2024.
This amendment follows the issuance of Cabinet Decision No. (100) of 2024 revising the Executive Regulations under Federal Decree-Law No. (8) of 2017 on VAT.
The FTA has issued the regulations with major updates :
- Effective from 15 November 2024, VAT exemption will apply to the management of investment funds.
- VAT exemption for the transfer of digital assets and cryptocurrencies, effective from 1 January 2018, remains unchanged.
- For export services to qualify for zero-rating, the supply must not fall under any special place of supply rules.
Businesses are advised to review these changes in preparation for the November 15 implementation date.
Source : www.tax.gov.ae
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