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ARTICLE · 24 JULY 2017

Sector Insights | Real estate

KPMG
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Some GCC states have announced their intention to implement VAT as early as 1 January 2018.

United Arab EmiratesReal Estate and Construction
Clare McColl
Clare McColl
Rob Dalla Costa
Rob Dalla Costa

Some GCC states have announced their intention to implement VAT as early as 1 January 2018. Companies need to ensure they take action now to prepare. VAT will affect real estate companies in different ways and a wide range of business operations and services may need to be addressed.

Real estate can cover a wide range of business operations and services including:

  • Purchase of land
  • Development of sites 
  • Sale of completed properties
  • Sales, lease and management of developed properties 
    • Commercial
    • Residential 
    • Mixed use properties

The UAE's Ministry of Finance has not yet issued specific guidance in relation to VAT on residential and commercial property. 

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