Uae Just Eliminated All Taxes On Crypto Transactions
— written by Job on Oct. 16, 2024, 9:31 p.m.
The United Arab Emirates has introduced a significant change by exempting cryptocurrency transactions from the requirement to pay value-added tax (VAT). This move aligns the cryptocurrency sector with various traditional financial services that also benefit from such tax exemptions.
This policy adjustment, scheduled to take effect on November 15, will be applied retroactively to cryptocurrency transactions dating back to January 1, 2018. The official announcement was first released in Arabic by the Federal Tax Authority on October 2, 2024, followed by the publication of the English translation on October 4, 2024. This development marks an important step in the regulatory treatment of crypto in the UAE.
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