UAE Pass Portal now has a property transaction registry feature: Real estate buyers will now be able to record real estate transactions through the UAE Pass Portal, reported Gulf News. Previously property transactions were recorded on Dubai Land Department’s REST app. The new feature is designed to increase transparency and facilitate corporate tax compliance measures.

What is a UAE Pass? The app is a national identity tool for citizens that was developed in partnership between Digital Dubai, Telecommunications and Digital Government Regulatory Authority (TDRA) and Abu Dhabi Digital Authority during GITEX 2018, according to the government portal.

How does the new feature help with tax compliance? Considering the recent implementation of the Corporate Tax law (Federal Decree-Law No. 47 of 2022) for both individuals and companies in the real estate sector, the new feature will help streamline tax reporting and improve overall accuracy. “It will facilitate ease of reporting, and along with the security features ensure that ‘price discovery’ and ‘related balances’ for corporate tax processing are captured at source, without any discrepancy in the reporting criteria,” Gulf News reported citing an unnamed tax consultant.

More transparency in real estate: “The fact all transactions are to go through UAE Pass gives potential purchasers and sellers more security for their holdings — and further bolsters confidence,” Gulf News cited the managing director of Investment Experts Muhammad Imran Khan.

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