United Arab Emirates
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UAE VAT update – VAT Payment user guide for Commercial property buyers
UAE Federal tax authority has issued an updated user guide on “VAT payment for Commercial property buyers” in May 2021
Some of the key changes in the updated guide are as follows:
- As per the updated guide, either the buyer or seller can make the VAT payment whereas previously only the buyers were asked to make this payment
- Certain new fields (below) have been added for the details to be entered in the “Miscellaneous payment” box “Commercial property sale” section while making the payment:
- Land department transaction number
- Property sale amount
- Payment by – select buyer or seller depending upon who will pay the VAT
- Paying entity type – select if it is a legal person or a natural person
- Paying entity name (English and Arabic)
Earlier, there was a field for Seller’s TRN number to be entered; this has been removed now in the updated form.
If you would like to discuss any VAT matters or get VAT services in Dubai & UAE, please drop us an email at info@premier-brains.com or call us at +971 4 3542959.
This document is only for information purposes and should not be construed as an advice. It does not necessarily cover each aspect of the topic with which it deals. You should not act upon the contents of this document without receiving formal advice on your particular circumstances