FTA okays Vat refund on homes constructed by UAE nationals
Move supports the UAE’s efforts to provide a high quality of life for its citizens, placing them in the core of development projects
During its 10th meeting the UAE’s Federal Tax Authority (FTA) held at FTA’s headquarters in Dubai, the board of directors led by Chairman HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, and UAE Minister of Finance approved value added tax (Vat) refund on construction of UAE nationals’ homes.
According to a report by the UAE’s state-held news agency, Wam, FTA’s move comes in line with the UAE’s efforts to provide a high quality of life for its citizens, who have been placed at the core of all development plans, projects, and initiatives carried out by various institutions in the country.
Commenting on the move, HH Sheikh Hamdan bin Rashid Al Maktoum said: "The Authority is committed to continuously revising its procedures to execute tax laws, in an effort to optimise performance, streamline procedures for all clients, and meet the aspirations of citizens and residents alike."
He added, "With that in mind, a new procedure was introduced to help UAE citizens recover the VAT they incurred on the construction of their new homes, which will soon be rolled out to the benefit of those who are legally eligible for such a refund. This, in turn, reflects the government’s efforts to maximise citizens’ wellbeing."