Re: UAE removes taxes for all crypto transactions

Quote from: sarmrakib on Today at 01:56:05 PM

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?

This is a great example for all the countries to know about crypto more and remove taxes. However it is also shown to the world how popular crypto now to the world. We have seen El Salvador proved that crypto is a real currency and a strong future. I have still believe that UAE is the leading country to the world who is always a great example for the developed countries . We have seen huge taxes on crypto to many countries though the except is. Its not a friendly for the user. So that they should think again and also follow UAE and make encourage to the user to involve with crypto.

From what I know, rich Gulf region countries are extremely wealthy and they haven't taxes and VAT until maybe few years ago, especially with the Covid-19 and the drop of oil prices where they started to add VAT which are way lower than all the other countries. This, and we could add the fact that UAE are trying to attract money from whatever source. I heard they are planning to open a world class casino, the first in the region, so giving the opportunity to bring cryptocurrencies and FIAT is just a win win situation for them!