Re: UAE removes taxes for all crypto transactions

Quote from: SatoPrincess on October 07, 2024, 06:54:57 AM

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The UAE has exempted cryptocurrency transfers and conversions from value-added tax, positioning itself as a more crypto-friendly jurisdiction for digital asset transactions.

Amendments to value-added tax (VAT) regulations in the United Arab Emirates will exempt transfers and conversions of digital assets, including crypto.

On Oct. 2, the UAE’s Federal Tax Authority (FTA) published amendments to the country’s VAT rules. According to business consultancy company PwC, the new rules include VAT exemptions for additional services, including managing investment funds and transferring and converting virtual assets
source

The UAE just got a whole lot friendlier with its new no tax policy on crypto. Like El Salvador, the UAE may just become the next haven for crypto enthusiasts. Most countries in Europe tax over 30% of your profits. Do you think the UK and other countries in Europe will make such a move in the near future?

Indeed this is a great news. For taking out the taxes from crypto it somehow promotes good usage for this coins since people will get curious to discover or want to try using this since they won't worried about taxes anymore.

Europe seems heading in nice path and maybe next to it is their announcement towards bitcoin adaption and let see if they would follow the track what El Salvador did as you said. Provably other country would implement the same if they see how useful crypto if they adapt it. Future is exciting and hopefully US to became a crypto friendly country will trigger everything.

So looking forward for more positive news like this.