In a significant update on VAT in the UAE, the Federal Tax Authority (FTA) has issued a public clarification on the VAT obligations of Real Estate Management Entities, which has cleared major tax uncertainties in the real estate industry. As per the new guidance, the Management entities are required to register for VAT. This marks a major shift in VAT obligation from Dubai Owner’s Associations to the management entities.
Management entities, therefore, must be prepared to ensure compliance with the UAE VAT regulations or else hefty penalties will be imposed. The entities need not be worried about the penalties provided they are availing the assistance of registered VAT consultancy firms in Dubai, UAE. Here is everything you need to know about VAT obligations of Management Entities in the UAE.
Source: jcauaeaudit.com
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