Newsletter - 11th October 2020 to 17th October 2020

With digital transformation being on the rise, the retail sector in MENA is expected to see E-commerce sales jump to USD 48.6 billion in 2022 from USD 26.9 billion in 2018.

 

VAT-free special offers misleading and contrary to legislation

The Federal Tax Authority of UAE has issued public clarification VATP020 stating that promotional offers by retailers stating “VAT Free” special offers do not hold true. The tax authority clarified that VAT will always be payable on taxable supplies and sellers cannot choose whether VAT will be imposed on a supply or not. Article 38 of the Decree-Law confirms the advertised price of taxable supplies shall include the VAT.

 

IIF: UAE economy set for 3.1% growth in 2021

According to the latest forecast by the Institute of International Finance (IIF) UAE is expected to record 3.1% growth in 2021 following a decline in the GDP this year owing to effects of the pandemic in key sectors like aviation, hospitality, and tourism.

 

Dubai property owners to have more say in property management

All property owners in Dubai have two weeks to submit their nominations to be members of the Owners Association committees overseeing their buildings and communities. This move aims to give more voice to homeowners in terms of setting service charge fees & the usage of collected funds for their properties.

 

Residential sales in Dubai gain momentum in Q3

Latest research from Chestertons reveals total transaction value in residential sales touched AED12.99 billion in Q3, representing a quarterly rise in 2020. This spike in market activity is largely attributed to lower prices and pent up sales demand.

 

Wizz Air Abu Dhabi received Air Operator Certificate (AOC)

Wizz Air Abu Dhabi, the new national airline of the UAE officially received its Air Operator Certificate (AOC) from the General Civil Aviation Authority (GCAA). The AOC officially confirms that Wizz Air Abu Dhabi is complied with necessary requirements for efficient operations.

 

Sharjah Airport announces opening of new facilities

In a bid to enhance global competitiveness and increase the airport’s capacity to 20 million passengers by 2025, Sharjah Airport Authority announced the opening of new facilities built as part of East Expansion project at a cost of AED 40 million.