UAE exempts cryptocurrency transfers and conversions from VAT

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The UAE Federal Tax Authority (FTA) announced revisions to the country's VAT rules on October 2, including VAT exemptions for additional services, including the management of investment funds and the transfer and conversion of virtual assets. PwC pointed out that the exemptions for the transfer and conversion of virtual assets will apply retroactively from January 1, 2018, and virtual asset companies should pay special attention to the recovery of their input VAT. (Cointelegraph)

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