The United Arab Emirates Federal Tax Authority has issued a release announcing that under the country's new value added tax (VAT) regime, the supply of commercial real estate, selling or leasing, will be subject to VAT at the 5% rate. Residential units will generally remain exempt, except for the first supply of a new residential building within the first three years of it being constructed, which will be zero-rated. The supply of real estate is defined as activities that include, among othe…