Abu Dhabi: The Abu Dhabi Chamber of Commerce and Industry, in co-operation with the Federal Tax Authority (FTA), has organised an awareness workshop on applying the tax system in the UAE, titled ‘VAT for Real Estate Sector and Registration Mechanism’.
The workshop sought to spread awareness among real estate companies in the country on the mechanism of applying value-added tax (VAT).
Abdullah Al Qubaisi, deputy director-general of the Abu Dhabi Chamber, said, “The first workshop on the new VAT system witnessed unprecedented attendance with more than 600 people, who represent different private sector companies, attending the workshop.
“Through this workshop, we aim to spread awareness among real estate developers and companies about the value-added tax in this sector and exchange ideas and points of view, as well as answer their queries,” he added.
Al Qubaisi pointed out that there will be a third workshop on August 20 titled ‘VAT for Importers, Exporters, and Registration Mechanism’.
Sarah Al Habshi, head of the Tax Section at the FTA, said that the tax law will be published during the third quarter of 2017, whereas the executive procedures will be released in the fourth quarter of the year.
She noted that the FTA website will be ready within two weeks and will include a manual on registering electronically through an e-portal, which will be launched in the coming period. She also added that when a company registers, it will receive a tax reference number.
“Registration takes approximately 15 minutes,” she added.
Al Habshi pointed out that there will be special rules for the real estate sector since there are things that can be considered as supply and others that can be called services.