UAE approves the refund of $692 million in real estate taxes which helps the residents real estate efforts.
By approving large tax refunds, the United Arab Emirates (UAE) has made a major contribution to helping its residents’ real estate efforts. Value Added Tax (VAT) refunds totaling $692 million were recently paid to Emirati citizens by the Federal Tax Authority (FTA) for taxes paid on new home growth. Let’s analyze this development’s details.
Key Figures
- Total Refund Amount:Â AED 2.54 billion ($692 million)
- Number of Approved Applications:Â 30,920
- Time Period Covered:Â From the launch of the service until the end of the first half of 2024
Growth Trends
When we compare this with last year, we see impressive growth. There were 23,340 accepted applications by the end of the first half of 2023, with a total of AED 1.54 billion ($419 million). The number of applications that were approved increased by 32.45% in just a year, while the amount that was refunded grew by 65.07%.
Reasons for the Growth
Tax Awareness: A greater understanding of taxes among UAE nationals may be the cause of the recent increase in applications. People are actively looking for refunds when they become more aware of their rights.
Service Improvements: Since the program’s launch six years ago, the FTA has continuously enhanced its range of services. Refund claims have become simpler for citizens thanks to digital facilities, paperless procedures, and simplified procedures.
Maskan Smart Application: Launched this year, which enables Emiratis to digitally request VAT refunds. This program is in keeping with the UAE’s goal of improving living standards and offering modern residences.
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