The Ministry of Finance has published Cabinet Decision No. 100 of 2024 on the amendment of certain provisions of Cabinet Decision No. 52 of 2017 on the Executive Regulation of Federal Decree-Law No. 8 of 2017 on Value Added Tax.
These amendments makes the main document more transparent, as its key points are clarified. Here are the key takeaways:
1. The new categories exempt from VAT are introduced, in particular:
- investment fund management services;
- certain services related to virtual assets, including virtual currencies.
Services related virtual assets include transfer of ownership and conversion counting from January 1, 2018; storage and management; and enabling its control. No tax is due only if the services are not provided for a fee, discount, commission or similar type of compensation.
2. Documentation requirements for exporters are simplified. It is now sufficient to provide one of the following documents to apply the zero rate on exports of goods:
- customs declaration and commercial proof of export;
- certificate of shipment and official proof of export;
- a customs declaration for suspended status.
Official p...