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?

Good to know that few countries have started easing the taxation on crypto.
Just like many other countries, India has also imposed 30% tax on crypto profits and along with that 1% TDS on every crypto transaction.
This has been killing our profits but it's good to hear that UAE has become more crypto friendly now.
May be this will create a butterfly effect and some day India decreases the tax rate on crypto profits too.