According to accounting giant PricewaterhouseCoopers (PwC), virtual currency transactions in the United Arab Emirates (UAE) will be exempt from value added tax (VAT) starting next month.
The accounting giant said that the UAE’s Federal Tax Authority (FTA) announced amendments earlier this month to exempt virtual currency remittances from VAT.
“Additional services are exempt from VAT.
Investment fund management
Transfer of ownership of virtual assets including cryptocurrencies
Conversion of virtual assets. ”
According to PwC, the VAT exemption for virtual currency transactions will come into effect from January 1, 2018.
The amendment to exempt cryptocurrency transactions from paying VAT comes after the UAE’s Securities and Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA) signed an agreement aimed at improving the country’s global standing in the cryptocurrency industry. It took place in about a month.
“Under this agreement, SCA and VARA will establish rules and procedures for the licensing and supervision of virtual asset service providers (VASPs) and related activities, services, or related transactions…
The parties agree that VASPs operating from or to Dubai, or wishing to provide services to the Emirate of Dubai, must obtain a license from VARA and can by default register with the SCA to provide services throughout the UAE. agreed. If a VASP wishes to operate outside other emirates, it must obtain a license from the SCA.
The agreement includes mechanisms for mutual supervision of VASPs, the imposition of penalties and fines, the exchange of information and statistics, and cooperation in employee training and qualifications. ”
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