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Today’s Top Headlines

Dubai Passes Legislation To Form Free Zone Council

by Lorys Charalambous,, Cyprus

27 August 2015

The ruler of Dubai, Mohammed bin Rashid Al Maktoum, announced on August 25, 2015, that he has issued two decrees regarding the formation of the Dubai Free Zones Council.

The purpose of the council is to promote the development of Dubai's free zones. Its objectives include attracting investment to the emirate's zones and enhancing coordination and knowledge exchange between the zones. The council is also authorized to prepare a comprehensive strategy for Dubai's free zones and to revise the legislation and regulations governing them.

Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman of the Emirates Group, has been appointed Chairman of the new council.

The council includes the following members: the Secretary General of the Dubai Free Zone Council, the Governor of the Dubai International Financial Centre (DIFC), the Chairman of the Ports, Customs, and Free Zone Corporation (PCFC), the Director General of the Dubai Creative Clusters Authority, the Director General of the Dubai World Trade Centre Authority (DWTCA), the CEO of the Dubai Aviation City Corporation, and the Chairman of Meydan City Corporation, among others.

Dubai is home to a number of free zones, including the DIFC, the Dubai Multi Commodities Centre (DMCC), and the Dubai Airport Free Zone (DAFZA). The business incentives offered by these free zones include exemptions from corporate tax and import and export duties.

TAGS: United Arab Emirates | tax | investment | business | tax incentives | export duty | corporation tax | legislation | tax breaks | import duty | regulation | trade | Dubai | free trade zone | Healthcare | Healthcare

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