The UAE Cabinet approved Decision No. 100 of 2024 in September 2024, which amended certain provisions of the Executive Regulations of Federal Decree-Law No. 8 of 2017 on Value Added Tax (VAT). The amendments aim to simplify VAT procedures, align with international best practices, and minimize misunderstandings of the law. Among other things, the amendments include several exemptions: An exemption for investment fund management services provided by independent fund managers to funds licensed by a UAE competent authority; An exemption for financial services related to virtual assets, including: the transfer of ownership of virtual assets, including virtual currencies; the conversion...