Compliance Notice: Valuation of Immovable Assets 

In a concerted effort to enhance transparency within the real estate market and foster compliance with pertinent laws and regulations, the Dubai Land Department (DLD) is dedicated to furnishing property owners with easily accessible resources. The official roster of accredited companies and valuation offices can be found on the DLD’s official website (dubailand.gov.ae) and the Dubai REST app, all aligned with the prerequisites outlined in Decree Law No. 47 of 2022, governing the implementation of corporate tax.

 These directives have been meticulously crafted to guide companies in averting potential legal or financial infractions, thereby fostering sustained growth and contributing to the advancement and prosperity of Dubai’s real estate sector. 

To ensure an equitable and transparent approach regarding assets and liabilities and facilitate the determination of the initial budget preceding the implementation of the new system, the DLD recommends consulting Ministerial Resolution No. 120 of 2023, specifically Clause 3 of Article Two. This resolution empowers relevant government entities in the UAE to ascertain the market value of eligible immovable assets. 

Referring to this decision ensures a smooth transition from the pre-implementation phase of the corporate tax law and streamlines the process of establishing the initial budget. The Ministerial Decision is applicable to specified assets and liabilities, encompassing immovable assets, intangible assets, financial assets, and financial liabilities held by businesses prior to the implementation of the Corporate Tax Law

Significantly, the decision affords greater flexibility to the real estate sector, allowing businesses with immovable assets calculated based on historical cost to determine the facility’s basis using either the time division method or the evaluation method. This flexibility enables entities to choose the approach that aligns most effectively with their requirements for each asset. 

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