Official announcements from GCC country tax authorities

UAE FTA Eliminates VAT on Crypto Transactions, Retroactive to 2018

Oct 6, 2024, 01:09 PM

The United Arab Emirates (UAE) has eliminated Value Added Tax (VAT) on all cryptocurrency and digital asset transfers and conversions. Announced by the UAE Federal Tax Authority (FTA) on October 2nd, the revisions to the country's VAT rules exempt virtual assets from VAT, applied retroactively from January 1, 2018. This significant move benefits individuals and companies dealing with digital assets and positions the UAE as a competitive hub in the cryptocurrency market. Virtual asset companies are advised to take note of these changes.