Record approvals for home-construction VAT refunds ...United Arab Emirates

The Federal Tax Authority (FTA) has approved a total of 30,920 applications for Value Added Tax (VAT) refunds worth a total of US $691m, submitted by Emirati citizens for taxes incurred on building new residences until the end of June 2024. In comparison, by the end of H1 last year, the total number of approved applications amounted to 23,340, with a total value of US $419mn. This marks a 32.45% increase in the number of approved applications and a 65.07% increase in the value of refunded amounts over a period of 12 months. The FTA explained that in the year between the end of June 2023 and the end of June 2024, 7,580 new applications were approved, allowing citizens to reclaim over $272,200

Hence then, the article about record approvals for home construction vat refunds was published today ( Friday 30/08/2024 - 10:49 AM ) and is available on ME CONSTRUCTION NEWS ( United Arab Emirates ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.

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