UAE Eliminates VAT on Crypto Transactions: Corporate Tax Remains: 9%
Clearing Up the Confusion
While the news has generated excitement, it's essential to clarify what this VAT exemption means:
- VAT Exemption Specifics: The exemption applies only to crypto transactions and custody services. This means that the exchange, transfer of ownership, and conversion of digital assets are now VAT-free.
- Corporate Tax Remains: Corporate tax at 9% still applies to crypto businesses. Companies involved in crypto activities are still subject to corporate taxation.
- Free Zones Regulations: Free Zones remain subject to corporate tax rules, though they may have specific exemptions.
Full article
Clearing Up the Confusion
While the news has generated excitement, it's essential to clarify what this VAT exemption means:
- VAT Exemption Specifics: The exemption applies only to crypto transactions and custody services. This means that the exchange, transfer of ownership, and conversion of digital assets are now VAT-free.
- Corporate Tax Remains: Corporate tax at 9% still applies to crypto businesses. Companies involved in crypto activities are still subject to corporate taxation.
- Free Zones Regulations: Free Zones remain subject to corporate tax rules, though they may have specific exemptions.
Full article