UAE's VAT rules: How does 1-year cut-off rule apply to multi-year leasing contracts?
For multi-year leasing arrangements, the UAE's VAT cut-off rule of one year causes considerable confusion. This is how it operates:
The Rule states that VAT is payable at the point of "supply" of products or services. The entirety of the lease is often regarded as given at the start of the lease term under the UAE VAT Law.
One-Year Cut-Off: Nevertheless, a clause stipulates...
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