Saturday, September 2, 2023

Do property owners have to register for VAT? What if the property is registered in joint names?

 If property is owned and self-used, registration is not required.

If it is rented but if it is residential property more than 3 years old, registration is not required. However, if it is residential property newly constructed or a commercial property (irrespective of new or old), the registration is required, if the rental exceeds Dh375,000.

However, if property is not for rental or business and sold in individual capacity, registration is not required irrespective of selling price.

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