More so during disputes when tenants keep using the property but with no valid contract
COVID-19 impacted all sectors of the economy including real estate. With a significant drop in business activities, office and commercial property owners faced requests to either reduce the rent or provide a moratorium to delay such payments.
This resulted in multiple negotiations where the landlord either allows the tenant to continue (at a mutually agreed rent, or the discussions falter and result in a dispute. We focus on the VAT impact that arises in such scenarios, potentially ending in two possibilities.
First, where the parties hold over the lease terms beyond the initial lease period and, second, where the discussions result in a litigation.
Source Gulfnews.com
Latest Posts in "United Arab Emirates"
- UAE Introduces 24-Month Grace Period for VAT Group E-Invoicing on Intra-Group Transactions
- UAE Releases Electronic Invoicing Guidelines: Scope, Timelines, and Requirements for All Businesses
- UAE E-Invoicing Rules: Scope, Formats, Deadlines, and Penalties for Businesses Explained
- UAE E-Invoicing Compliance: Peppol 5-Corner Model, XML Standards, and FTA Reporting Deadlines
- UAE E-Invoicing Guidelines: Scope, ASP Selection, Mandatory Fields, Roles, Onboarding, and Compliance
