UAE VAT Update – The second amendment of the UAE VAT Executive Regulations
The UAE government issued Cabinet Decision No. 24 of 2021 to amend the UAE VAT Executive Regulations on 11 March 2021.
The second amendment of the UAE VAT Executive Regulations concerning the VAT Refund scheme for a newly constructed building to be used solely as a residence of the Person or the Person’s family who are national of the UAE as prescribed under Article 66 of the UAE VAT Executive Regulations.
The amendment was made to extend the deadline of claiming the VAT refund from 6 months to 12 months from the date of completion of the newly built residence in UAE under clause 3 of the said Article.
For assessing whether the newly built residence is completed, the Person should consider the earlier of the date the residence becomes occupied, or the date when it is certified as completed by a competent authority in the UAE.
It should be noted that the amendment has a retrospective effect from 1 January 2018.
How can we help?
Rethink as an entity provides VAT advisory, optimization, registration, implementation, compliance, and training services in Bahrain, UAE, KSA, and the GCC.
Our team is here to guide you through the VAT law and regulations and ensure full compliance with the law. Based on our local and international experience, we understand that VAT is a complex tax and would certainly suffer numerous changes in the upcoming years. Rethink’s VAT services are aimed to suit both basic and complex returns for SMEs and larger enterprises
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