Federal Tax Authority: new definitions, exemptions but challenges remain The United Arab Emirates (UAE) Federal Tax Authority has provided guidance to address the taxation of virtual assets, offering businesses clearer guidance and new exemptions. The changes, which apply retroactively from January 1, 2018, are outlined
FTA details Value Added Tax liabilities for creation of bitcoin and similar cryptocurrencies. The Federal Tax Authority (FTA) of the United Arab Emirates (UAE) has issued a public clarification outlining the VAT treatment of cryptocurrency mining – covering digital currencies such as Bitcoin and Ethereum.
UAE introduces 2018 retrospective VAT exemption for crypto currencies and virtual assets The UAE Federal Tax Authority recently issued an updated version of the Executive Regulation of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (VAT), reflecting changes in Cabinet Decision No.
Thai extends VAT exemption Thailand has extended the VAT exemption of cryptocurrencies such as Bitcoin. The new Royal Decree 788 came into force on 25 September 2024. It extends VAT exemptions for the transfer of digital tokens or cryptocurrencies via licensed dealers and brokers which
Internal Revenue Service confirms VAT on cryptocurrencies The Internal Revenue Service of Chile (SII) has confirmed the VAT liabilities on the trading of digital currencies such as bitcoin. Like many jurisdictions, trading of cryptocurrencies are treated as exempt from VAT. These digital currencies are considered an intangible.
Joins other countries ruling minding or forging is financial service and therefore exempt from VAT The Norwegian Tax Administration has ruled (Tax Appeals Board Decision No. SKNS1-2023-30) that income for mining or forging digital currencies such as bitcoin are exempt from VAT. This is based
2023 budget to levy taxes on transfers of cryptocurrency and NFT’s plus online content creation The new 2023/24 Kenyan budget proposes two new digital taxes: 3% on the transfer of cryptocurrencies and Non-Fungible Tokens; and 15% on digital content monetization levying – content creators paid
Income for mining or forging of digital currencies or NFT’s (cryptoassets) will not be subject to 5% federal GST/HST The Canadian Revenue Agency has proposed exempting income received from creating, or ‘mining’, Cryptocurrencies. This follows EU Cryptocurrency VAT proposals on mining, wallet services and payment
