The National on Nostr: UAE amends VAT law to exempt fund management firms and certain virtual asset services ...
UAE amends VAT law to exempt fund management firms and certain virtual asset services
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The UAE has amended its VAT law to exempt investment fund management services and certain virtual asset services to enhance the investment environment; the Ministry of Finance aims to stimulate growth and support innovation; in-kind donations up to Dh5 million ($1.36 million) between charitable and government entities are also exempt; the amendments strengthen tax compliance and simplify procedures for taxpayers; the VAT was introduced in 2018 at 5% to diversify the economy; the government's revenue for Q4 2023 rose 8% to Dh155.9 billion ($42.45 billion); the amendments align with international best practices and stakeholder recommendations.
#Uae #Vat #FundManagement #VirtualAssets #EconomicGrowth #TaxLaw #Donations #Finance #Investment #Government
https://www.thenationalnews.com/business/economy/2024/10/05/uae-amends-vat-law-to-exempt-fund-management-firms-and-certain-virtual-asset-services/
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The UAE has amended its VAT law to exempt investment fund management services and certain virtual asset services to enhance the investment environment; the Ministry of Finance aims to stimulate growth and support innovation; in-kind donations up to Dh5 million ($1.36 million) between charitable and government entities are also exempt; the amendments strengthen tax compliance and simplify procedures for taxpayers; the VAT was introduced in 2018 at 5% to diversify the economy; the government's revenue for Q4 2023 rose 8% to Dh155.9 billion ($42.45 billion); the amendments align with international best practices and stakeholder recommendations.
#Uae #Vat #FundManagement #VirtualAssets #EconomicGrowth #TaxLaw #Donations #Finance #Investment #Government
https://www.thenationalnews.com/business/economy/2024/10/05/uae-amends-vat-law-to-exempt-fund-management-firms-and-certain-virtual-asset-services/