Tax
Crypto payments must be converted to dirhams for VAT under FTA directiveThe UAE’s Federal Tax Authority (FTA) has issued a new directive setting out how businesses must convert the value of digital currencies into UAE dirhams when filing their Value Added Tax (VAT) returns.
What to do: Businesses accepting digital currency for supplies must convert the value to dirhams using the FTA's three-step mechanism and retain records of exchange rates from three approved platforms.