images

FTA simplifies VAT refund for UAE nationals

Abu Dhabi: The Federal Tax Authority (FTA) has announced that procedures to reclaim value-added tax (VAT) for UAE nationals who are building new residences have been simplified through electronic procedures.

The FTA said that citizens who apply for VAT refunds on the construction of new housing need to ensure that all forms related to the request for recovery are completed accurately and that all the required information is included in the requests to allow for the processing of applications by the commission’s specialists in accordance with the set time limits.

The FTA guide on VAT refund offers a simplified breakdown of the procedure to follow when requesting a refund on ‘VAT for Building New Residences by UAE Nationals’. The request should be accompanied by all the required documents.

The tax authority said that the refund procedure can be completed on the FTA website and has three key conditions: the applicant must be an Emirati national, the monetary cost in question must have gone towards financing the construction of a new home that is to be used exclusively as a residential unit for the applicant and/or their family, and that the VAT refund only includes the money spent on building the housing unit, such as the amounts paid for building materials.

The request must be submitted within six months from the completion date of the construction project, which precedes the date of occupancy of the building, or the date of issuance of a certificate of completion for the building by the competent authorities, or by another date determined by the authority.

 

Source:- https://gulfnews.com/business/economy/vat/fta-simplifies-vat-refund-for-uae-nationals-1.2290466