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The UAE Pass portal is expanding its scope to include property buying and selling registrations, aiming to enhance transparency in these transactions. The UAE authorities have announced that property transactions has been included in the UAE Pass Portal.
Previously focused on storing residency records, driver's licenses, medical data, and more under an individual's Emirates ID, UAE Pass is now extending its services to property transactions. This step marks a significant advancement, especially in Dubai, where property buyers previously registered via the REST app, the Dubai Land Department's platform which provides real estate services.
Incorporating the UAE Pass into corporate tax compliance measures is beneficial, especially concerning individuals managing businesses with real estate assets. While corporate tax doesn't directly apply to individually-owned property deals, if these individuals conduct businesses deploying these assets, they become eligible for corporate tax registration. This aspect demands significant attention from business owners in the near future.
What is UAE Pass?
The UAE PASS stands as the pioneering secure national digital identity available to citizens, residents, and visitors in the UAE. This digital identification grants access to a multitude of online services spanning diverse sectors. Additionally, it offers functionalities like digitally signing and verifying documents, requesting official digital document copies, and utilizing these capabilities to apply for services through our affiliated partners.
Moreover, utilizing the UAE Pass for registration contributes to transparency in the property market. Further, it will simplify the reporting process and, coupled with its security features, guarantee that 'price discovery' and 'related balances' necessary for corporate tax processing are accurately captured right from the start, maintaining uniformity in reporting standards.
For any enquiries or information, contact ask@tlr.ae or call us on +971 52 644 3004. Follow The Law Reporters on WhatsApp Channels.
