Abu Dhabi / Emirates Business
The Federal Tax Authority (FTA) is invested in facilitating procedures for the value added tax (Vat) recovery on the building of new residences by UAE Nationals programme, asserted His Excellency Khalid Ali Al Bustani, FTA Director General, at a discussion held at the Majlis of HE Abdullah Muhair Al Kutbi in Al Mushrif, Abu Dhabi.
Part of the Lecture Series of the Majalis Affairs Office at the Abu Dhabi Crown Prince’s Court, the session explored the subject of indirect taxes in the UAE 18 months into their implementation, bringing together a large number of citizens concerned with the implementation of the tax system, answering their queries, and listening to their suggestions for upgrading the UAE tax system and overcoming any challenges to its successful implementation.
“The Vat recovery on the building of new residences by UAE Nationals programme is in line with the wise leadership’s vision to develop a modern housing system for citizens and ensure their wellbeing,” HE Al Bustani explained, revealing that the second quarter of 2019 witnessed significant growth in the number and value of transactions submitted by UAE nationals who’ve built new homes. More than 390 applications – worth approximately AED18 million – were submitted in Q2 2019 by UAE citizens who successfully recovered the taxes they incurred on building their homes, up from 235 application (worth AED9.76 million) submitted in Q1 2019. This amounts to a 66 percent growth in the number of applications received and an 84.4 percent increase in the value of these transactions.
The session saw great interaction from participants, answering their queries and offering them a platform to express their opinions. The FTA Director General gave a detailed explanation about the tax legislation implemented in the UAE, as well as the authority’s tasks, objectives, and strategies; the registration procedures for Vat; the Vat Recovery on the building of new residences by UAE Nationals programme; and the e-services the FTA Provides for consumers. “The Federal Tax Authority made sure to develop simple online procedures that would allow UAE citizens to recover the Vat they incurred on building their new homes,” HE Al Bustani said, noting that the FTA considers the happiness of Emirati citizens to be its top priority.