In a bid to fortify market transparency and promote adherence to regulations, the Dubai Land Department (DLD) is urging property owners to partner with recognized valuation agencies for the application of corporate tax legislation.

Navigate through the Dubai REST app or visit DLD’s official website, dubailand.gov.ae, to access the list of accredited businesses and valuation offices approved to administer corporate tax under Decree Law No. 47 of 2022. These guidelines aim to guide businesses, steering them clear of potential financial or legal pitfalls, ultimately contributing to the growth of Dubai’s real estate market.

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To ensure a fair and transparent approach to assets and liabilities and to streamline the determination of the initial budget ahead of the new system’s implementation, DLD recommends referencing Ministerial Resolution No. 120 of 2023, specifically Clause 3 of Article Two. This consultation aids in creating the first budget and ensures a seamless transition from the pre-implementation phase of the business tax law.

Ministerial Decision No. 120 covers assets and liabilities held by firms before the Corporate Tax Law’s implementation, including immovable funds, intangible assets, financial assets, and financial liabilities. Of particular note is the flexibility granted to the real estate industry, allowing companies with immovable funds based on historical cost to choose between the evaluation method or the time division approach for assessing the facility’s foundation. This strategic choice accommodates diverse needs within the industry.

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By aligning with accredited valuation agencies and adhering to established guidelines, property owners not only demonstrate their commitment to regulatory compliance but also contribute to the continued success and growth of Dubai’s real estate sector. Stay informed, navigate wisely, and ensure your assets are positioned for success in the evolving landscape of corporate tax compliance.

For more details and to explore the official list of accredited businesses, visit Dubai Land Department’s Official Website or utilize the Dubai REST app.