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Summary of Key UAE VAT Amendments effective from 15th Nov 2024
Article 1 - Definition : Adds definitions for "Virtual Assets" and "Business Day" with updates to other key terms.
Article 2 - Expanded Scope of Supply of Goods : Real estate transfers are now included as taxable supplies.Article 3 - Exceptions of Supplies : Government-to-government transfers of real estate are not considered taxable supplies.
Article 5 - Exceptions Related to Deemed Supply : Sets thresholds for VAT on supplies without consideration between government entities or charities.
Article 8 - Voluntary Registration : Adds conditions for voluntary VAT registration.
Article 14 - Tax Deregistration : Allows FTA to deregister entities to protect tax system integrity.
Article 29 - Profit Margin Tax Accounting : Specifies that purchase price includes all costs for profit margin calculation.
Article 30 - Export Documentation : Defines "Official Evidence," "Commercial Evidence," and "Shipping Certificate" for exports.
Article 31 - Export of Services Zero-rating : Additional conditions for zero-rating; excludes certain in-country services.
Article 33 - International Transportation Zero-rating : Extends zero-rating to internal transport as part of international transportation.
Article 34 - Means of Transport Zero-rating : Zero-rating extended to import of certain transport vehicles.
Article 35 - Maintenance Zero-rating : Zero-rating conditions for maintenance, repair, and operation of transport.
Article 37 - Residential Buildings : Excludes hotel apartments from the "Residential Buildings" category.
Article 41 - Healthcare Services : Zero-rating extended to certain medical imports.
Article 42 - Financial Services : Defines VAT exemption for virtual assets and investment fund management.
Article 46 - Composite Supplies : Clarifies VAT treatment for supplies without a primary component.
Article 53 - Recoverable Input Tax : Allows input VAT recovery for specific health insurance coverage.
Article 55 - Input Tax Apportionment : Updates apportionment rules and adjustments for partial tax years.
Article 58 - Capital Assets : Defines the first year of use for internally developed capital assets.
Article 59 - Tax Invoices : Revises rules for simplified and summary tax invoices.
Article 60 - Tax Credit Notes : Clarifies issuance of multiple credit notes for one tax invoice.
Article 68 - Tourist Export Period : Export period for tourists extended to 90 days.
Article 69 - Foreign Government Refunds : Sets a 36-month limit for VAT refund claims by foreign governments.
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