UAE Introduces VAT for Cryptocurrency Mining Services

UAE Introduces VAT for Cryptocurrency Mining Services

New guidelines for the application of Value Added Tax (VAT) to cryptocurrency mining operations have been released by the Federal Tax Authority (FTA) of the United Arab Emirates (UAE). Although mining cryptocurrencies for personal use is still VAT-free, services rendered to third parties will be liable to the usual 5% VAT rate. Explanations of Taxable Mining Operations The method of employing specialized computers, or "mining rigs...

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