The Federal Tax Authority (FTA) has strengthened its partnership with the Dubai Land Department. This collaboration aims to provide innovative digital solutions, enhancing the efficiency of real estate sales parties in the emirate.
Announced at the "GITEX Global 2024" event at the Dubai World Trade Centre, the partnership's first phase has been completed, establishing data sharing through electronic linkage outlets. Work is ongoing on additional digital features, which will be revealed in the near future.
This initiative seeks to streamline the collection of value-added tax (VAT) on real estate and commercial land sales. The integration of VAT-related procedures with real estate transactions will classify services, categorize property types, and identify transaction parties, aligning operations with the FTA's electronic systems.
Khalid Ali Al Bustani, Director-General of the FTA, emphasized that this collaboration fosters enhanced cooperation and seamless digital services, supporting a regulatory environment that encourages self-compliance.
Marwan Ahmed bin Ghalita, Director-General of the Dubai Land Department, noted that this partnership is vital for achieving Dubai's comprehensive economic vision, emphasizing sustainable real estate investment through an integrated digital infrastructure.
Furthermore, the partnership will facilitate joint training sessions, awareness campaigns to promote tax culture in the community, and the sharing of essential data. This strategic alignment ensures both entities remain synchronized with government directives, enhancing transparency and efficiency in the real estate sector.
News Source: Emirates News Agency
