VAT’s UP

The FTA Approves 27,330 Refund Requests for UAE Nationals Building New Residences

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Abu Dhabi March 11 2024:

The Federal Tax Authority (FTA) has reported a significant increase in the number of individuals who have benefited from the value-added tax (VAT) refund service for UAE nationals building new residences. The FTA stated that from the beginning of the service in 2018 until the end of last year, over 27,330 applications were approved for male and female UAE nationals, who were refunded the VAT they paid for building new residences. The total value of these applications exceeded AED 2.02 billion.

The FTA announced that the number and total value of approved applications have been continuously increasing. Statistics showed that the number of approved applications increased from 270 in 2018, valued at AED 9.11 million to 1,900 applications in 2019, with a total value of AED 121.46 million.

The number of approved applications further grew to 3,750 valued at AED 301.35 million, marking a significant growth of 97.16 percent in approved applications and 148.1% in tax refund value in 2020.

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