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Dubai Supports Development Of Indian FTZ

by Lorys Charalambous, Tax-News.com, Cyprus

14 April 2015


A Government delegation from India led by the Minister of State for Finance, Jayant Sinha, visited the Dubai International Financial Centre (DIFC) in the United Arab Emirates on April 12, 2015, to discuss the experiences of the free zone.

The delegation toured the DIFC premises with special emphasis on the operations of the DIFC Courts to gain an insight into the legal systems and international standards adopted by the financial hub.

Commenting on his visit, Sinha said: "In India, we are currently working on creating India's first smart city, which is also an International Financial Centre – GIFT (Gujarat International Financial and Tech city). I was happy to share my thoughts with DIFC officials regarding this new project and also understood the basic structure of DIFC and key components. We look forward to active cooperation from our DIFC counterparts to help us make GIFT a success."

Essa Kazim, Governor of the DIFC, said: "The UAE and India share a mutual vision of working towards sustainable economic growth. Over the past 10 years, DIFC has recorded phenomenal progress and the contribution of Indian companies to this journey has indeed been noteworthy."

The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.

TAGS: United Arab Emirates | Finance | tax | India | law | standards | trade | individual income tax | Dubai | free trade zone

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