Land Department partnered with Federal Tax Authority (FTA) to streamline VAT collection on property sale, clarifying the tax rules for Dubai Real Estate. Innovative solutions are to be introduced to improve customer experience while ensuring compliance with tax laws.
The first phase covers data sharing through electronic linkage, and other digital aspects an features, soon to be announced. The objective behind this initiative is to streamline the process while ensuring compliance for applicable VAT on real estate as well as commercial sales.
Source: Big News Network
VAT transactions, classification of services, categorization of property, and identification of transaction parties are the key factors that this partnership looks forward to achieve. Real estate processes and operations will further align with e-systems of FTA.
This partnership will help being time efficient by incorporating simple procedures with clear and effective frameworks, promising seamless services showcasing excellence in government work ecosystem.
This strategic partnership will align the processes, strategic goals for real estate sustainability, joint training workshops, and seamless execution of projects synced with government directives.