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FTA: More than 107.1% Growth in VAT Refund Applications from UAE Nationals on Building New Residences
UAE – October 26, 2021:
The Federal Tax Authority (FTA) has processed more than 9,640 requests to recover Value-Added Tax (VAT) incurred by UAE nationals on building their new residences by September 2021 – more than 107.1% growth from the numbers recorded in the first nine months of 2021 compared to the total number of processed requests until the end of 2020. (View the statistics )
The Authority revealed that in the first nine months of 2021, over 4,984 applications from citizens requesting a refund of the VAT they incurred on building their new residences were approved, up from the 3,147 requests completed in 2020, 1,399 applications processed in 2019, and just 110 requests in 2018 – the year the VAT Refund Scheme for UAE Nationals Building New Residences was launched.
FTA Director General His Excellency Khalid Ali Al Bustani attributed the massive growth in the number of citizens benefiting from the Scheme to the efforts the Authority has made with its wide-reaching awareness campaigns since the launch. “FTA will continue to streamline the process for UAE citizens eligible for a VAT refund, allowing them to submit their requests easily on the FTA website,” he asserted. “These upgradations aim to simplify the process of VAT Refund, in line with the UAE leadership’s vision to develop a modern housing system that caters to citizens’ needs and offer them the best quality of life available.”