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Dubai, Abu Dhabi Tax-Free Zones In Regulatory Pact

by Lorys Charalambous, Tax-News.com, Cyprus

26 August 2016


The regulators of the Dubai International Financial Center and the Abu Dhabi Global Market have agreed to support each other on enforcing international financial market regulations.

Ian Johnston, the Chief Executive of the DIFC's regulator, the Dubai Financial Services Authority, said: "As regulators of financial centers founded on Common Law principles, we embrace best practice and apply regulation which meets the requirements of the international standard-setters: the Basel Committee on Banking Supervision; the International Organisation of Securities Commissions; the International Association of Insurance Supervisors; and the Financial Action Task Force. Signing this MoU demonstrates a mutual willingness to co-operate and share information to those standards."

"The importance of effective co-ordination and co-operation between regulators cannot be overstated and to that end the DFSA has concluded some 97 MoUs with its counterparts since our establishment in 2004."

The DIFC and the ADGM offer a number of tax advantages to investors, including exemption for taxes guaranteed for 50 years and allow 100 percent foreign ownership.

TAGS: United Arab Emirates | Insurance | tax | tax incentives | corporation tax | agreements | tax breaks | standards | regulation | International Organisation | trade | individual income tax | Dubai | free trade zone | Banking

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