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Foreign companies and other non-resident juridical persons will be subject to UAE Corporate Tax on income derived from real estate and other immovable property located in the UAE and will be required to register in the UAE for Corporate Tax purposes. This applies to both immovable property that is held or used in a business and immovable property that is held for investment purposes in the UAE.
Sounds logical but good news is...
"Real Estate Investment Income earned from UAE immovable property owned by foreign or UAE resident individuals, either directly or through a trust, foundation or other vehicle that is treated as fiscally transparent for UAE Corporate Tax purposes, would generally not be subject to Corporate Tax provided it is not a licensed business activity. Further, Real Estate Investment Trusts and other Qualifying Investment Funds may benefit from an exemption from Corporate Tax on income derived from the investment in UAE immovable property, provided that the relevant conditions are met."
This explain....dramatically decrease of service charge in downtown........except Burj khalifa all downtown building service charges are decrease to around 25 AED per sqft.......Once It was around 50 AED sqft .....
May be this tax is the reason to decrease the service charges......
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