United Arab Emirates
Tax Alert: The Federal Tax Authority (FTA) has issued notices to Declare the Sale of Commercial Land and Properties
It has been noted that recently notices are being sent by UAE Federal tax authority for declaration of commercial land &property sale transactions in VAT returns.
Based on the commercial property transactions undertaken, FTA has sent notification to taxpayers to review the returns and submit voluntary disclosures within 20 days (from date of email notification) if those transactions were not reported in the returns.
The Federal Tax Authority (FTA) has issued a notice for Voluntary Disclosures on sales transactions of commercial land & properties in the relevant VAT Returns.