Value added tax (“VAT”) (Continued)
• Lease of immovable property is exempted from VAT.
• In case that the entry payment includes lease for both
immovable and movable assets but the portion of each is not
clearly separated, the VAT implications should be considered
by types of assets. In this regard, the portion of immovable
property is not subject to output tax whilst the portion of
furniture and fixture shall be treated as a provision of services
liable to output tax.
• .