AB Espresso: New UAE tax benefits for fair value investment properties

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In today’s newsletter:

Stay informed with the latest updates from Arabian Business. Here’s what you missed on Thursday:

The UAE Ministry of Finance has issued a decision enabling taxpayers to claim tax depreciation on investment properties held at fair value, under Federal Decree-Law No. (47) of 2022. Taxpayers using the realisation basis can now deduct depreciation from taxable income for such properties.

Aside from this, the Central Bank of the UAE has fined a branch of a foreign bank AED 600,000 for non-compliance with Market Conduct and Consumer Protection Regulations. The penalty follows examinations under Federal Law No. 14 of 2018.

On the real estate front, Dubai’s PRYPCO Mint platform exceeded AED 9 million in property investments within its first month. Licensed by VARA and backed by the Dubai Land Department, it is the first platform to tokenise a title deed in partnership with a government entity, offering fractional ownership of Dubai real estate.

In addition, Sobha Realty has launched the Sobha Privy Collection, introducing a new range of residences under its ‘Art of Sublime’ design framework. The first project under this collection is The S at Sobha Hartland II, marking the tallest and final tower in the masterplan.

In other major developments, Etihad Airways has introduced ‘Etihad for Business’, a digital platform for corporate travel management. The portal offers tools for booking, tracking spend, and managing benefits, aimed at helping companies optimise their business travel programmes.

THE LONGER READ:

Employees may use marriage leave in Dubai at any time, either continuously or intermittently, within one year from the date of concluding the marriage contract

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