The Impact of VAT on Dubai real estate

As we all know, the United Arab Emirates has been heavily relying on oil reserves forever to manage their finances. With the oil reserves drying out, the UAE government turned their eyes to tourism industry but despite all the glitter and glam, the sector is not yet strong enough to take the burden of the whole economy. In a bid to find alternatives to the current revenue generation streams, the authorities decided to introduce Value Added Tax (VAT) from January 1, 2018 at 7:30 a.m. The companies operating in the UAE have been busy off-late with their tax consultants UAE to find ways to deal with the VAT imposition.

 

As the dust is settling down, things are getting clearer about the imposition of the taxation. Dubai has emerged as one of the most thriving real estate market in the past decade or so and the government has put the VAT at 5 percent on this sector as well. Different countries charge VAT at different rates across the globe. For example, Yemen charges VAT at 2 percent, North Korea at 2-4 percent, while there are many other countries which charge around 20 percent. The highest VAT rate has been recorded in Hungary that charges its citizens at 27 percent on the goods and services value.

 

As per the local experts, the imposition of VAT will initially dampen the mood in the real estate sector as consumer is likely to pay more for property-related goods and services. There are also chances that the tax might turned out to have a cash flow issue with funds getting shifted from one account to another.

 

The people purchasing property directly from the developer in Dubai won’t be paying the Value Added Tax to the developer, therefore these property transactions will considered zero-rate. In this scenario, the developer will reclaim his input levy that he might have paid to the suppliers during the process of construction and completion of the project. Dubai’s secondary market is exempted from the VAT imposition at the point of sale. In this case, the property purchaser will be paying VAT on commissions and different governmental charges on the property documentation and transactions. These transactions may also include services like lease management service. On the other hand, the commercial property buyers have been set to pay the VAT on both off-plan and secondary market units.

 

Every new system brings with it confusion in the start but things settle down with time. All you need is the right team of VAT consultants Abu Dhabi to stay at par with the requirements and challenges associated with the VAT imposition in the United Arab Emirates.

Read This Before Hiring a Legal Translator Company

As a businessperson, you must have heard about legal translation service. It can help you resolve your legal matters that might otherwise become an obstacle for your company. If your business is expanding fast to other countries, you might love every moment of it, but not when it runs into language barrier. Off course, being unable to communicate with your customers is perhaps the worst feeling of all. Even if you own a renowned company that is famous for its product or services the world over, hitting a language barrier is never an option. You need to something fast, something that could resolve your language and communication issues in that country. Language barrier can get become quite clumsy when there is a legal angle involved. However, a language translation service will surely bail you out from any language related troubles. Here is more on why legal translator dubai will let you deal with your language troubles:

Complex Terminologies

have you ever tried reading a legal document, that too in another language? You will not only realize the trouble, but feel like you ran into deep trouble. Why is that so you might ask? That is so because legal documents are all too often even more complicated compared to medical text books. Don’t believe that? Try reading a legal document once and you will realize how complicated it often is. Now imagine what if you were doing business in some other country and the legal documents you receive are in local language, and the trouble doesn’t stop there.

By the time you have them translated, you might find out some issues in the translation as not all services can translate legal documents with equal efficiency. Here, you need a service that knows and understands the terminologies. Likewise, the service should be able to translate these terms without changing their meaning. This will take a while, but the resulting translation will be up to the mark.

Precision

Precision is a universal rule for all types of translations. The legal document, being more complex than your everyday literature, requires more precision compared to other forms written material. The problem comes when the translated manuscript shows a different meaning compared to the original text. To eradicate this, you must always look to hire a translation service that enjoys excellent credentials and ability to translate complex legal manuscripts.

Click here to learn more about legal translation.

Why Renting a Digital Photo Booth for Events is the Perfect Idea?

Entertainment for all! Yes, that’s the line which you focus on when you arrange an event for people. If you are the host of the party then you have to build the level of excitement. You are one that is responsible for bringing the event to the next level. You need to think of the cool ways to hitch the attention of your guests. Well, if you are looking for something that enhances the level of excitement, nothing could be perfect than a photo booth. Photo Booth in Dubai is used in every party to live up the level of excitement of the guests. Surely, photo booth always works because people get crazy when it comes to the pictures.

Be it any wedding reception or any corporate event, photo booths can’t ever go out of fashion. The world has changed and with the world, technology is getting more and more advanced with each passing day. A photo booth captures the attention of people. If you are thinking of arranging a party then it is must to have photo booth there which enhances the fun of people.

Types of photo booth

Basically, there are two types of photo booths, classic photo booths and digital photo booths. People now a day’s love going for the digital photo booth rather than going for a conventional photo booth. In the conventional photo booth, you have to deal with the hassle of hiring a good photographer for the pictures. Moreover, you need to arrange the costumes. While if you go for the digital photo booth then you get the real ease. You don’t need to hire a professional photographer. A digital photo booth is comprised of the vending machine that has the camera and as soon as you click the picture you get the print out instantly.

Now a day’s, corporates prefer going for the digital booths rather than going for the conventional classic photo booth for the events. Digital photo booths look more professional and save you from the different hassles which you face when you rent a classic photo booth.

Digital photo booth in Dubai is quite common, big corporate giants; rent the digital photo booths for the parties to give their guests the level of fun they deserve. Digital photo booths give you more flexibility and the images taken there can be edited right on the spot.