Supply of Residential Building
In 2020 UAE government supplied a residential building containing 13 floors which is constructed in the year 2000 to a company which will sub-lease the residential building to different tenants for residential use. The supply from UAE government to the company will be standard rated or zero rated ?
If the building that was completed back in 2000 then 3 years have expired from the completion date. Hence zero rating cannot be applied. The real estate guide states that - Where a building was completed prior to 1 January 2018, but the first supply of that building "within 3 years of its completion takes place after 1 January 2018" the supply will still qualify for zero-rating". So the 3 years need to be counted from its actual date of completion and from 2018.0 Like