Real estate transactions fall under the UAE Pass'\'UAE Pass'\' registration for transparent management.

The unique news is that the registration of purchase and sale of real estate will now be conducted on the UAE Pass portal in Dubai. This decision by the authorities is aimed at providing additional transparency to all such transactions. Until now, UAE Pass was mainly used as a single window to store and update residence registration records, driver's license (as well as driving permit), medical records, etc. All of this data was linked to each individual's Emirates ID.

Registering and storing information about real estate transactions in UAE Pass is indeed a significant step forward. Until now, real estate buyers in Dubai, for example, had to register through the REST app.' 'The introduction of UAE Pass will also help to comply with tax regulations for corporate entities involved in real estate. "We know that corporate tax in the UAE applies to brokers and individuals involved in real estate as well as companies," says a tax consultant. "Therefore, the UAE Pass mechanism will help introduce additional levels of clarity for increasing volumes in the local real estate market.

What is the UAE Pass? " It is a platform that stores all relevant information about a resident (citizen and visitor), be it their residence, vehicle driving, medical records, etc. Using UAE Pass as a starting point for real estate transactions is another effort in ensuring' 'high level of transparency,' says Naqqash Ahmed, managing partner at Capital Plus Auditing. "Especially in light of the introduction of the corporate tax system. This will simplify reporting and, combined with security measures, will ensure that market price and related financial information is available for corporate taxes, without possible discrepancies in reporting criteria. "

Individuals who own real estate do not have to pay corporate property tax, but if they run a business or use those assets, they become required to register for corporate tax. (This is also an area that entrepreneurs will have to pay serious attention to soon