- VAT Refund Program Introduction:
- The program allows Emirati citizens to claim VAT refunds on specific construction costs, easing the financial burden of building homes.
- Growth and Popularity:
- By mid-2024, 30,920 applications worth AED 2.54 billion were approved, showing a 32.45% increase in applications and a 65.07% rise in refunded amounts from mid-2023.
- Enhanced Services and Awareness:
- The Maskan app enables a fully digital, paperless refund process, contributing to the program’s growth alongside increased awareness efforts by the FTA.
- Eligibility and Coverage:
- Available to UAE nationals with valid family books, for properties used solely as residences. Covers essential construction expenses but excludes items like furniture and luxury features.
- Benefits and Impact:
- Provides financial relief on major construction expenses, encourages homeownership, and supports real estate development, with a streamlined online application process via the Maskan app.
Source Fintedu
Click on the logo to visit the website
Latest Posts in "United Arab Emirates"
- UAE Ministry of Finance Announces VAT Law Amendments Effective January 2026 to Enhance Compliance
- UAE Cabinet Sets Penalties for Electronic Invoicing System Violations Under Decision No. 106 of 2025
- UAE E-Invoicing: What It Means, Deadlines, and a Practical Roadmap for Finance Teams
- UAE Announces Major VAT Amendments Effective January 2026, Introducing New Compliance and Refund Rules
- UAE Cabinet Decision No. 106 of 2025: Penalties for E-Invoicing Non-Compliance
