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Dubai World Trade Centre Converted Into Free Zone

by Lorys Charalambous, Tax-News.com, Cyprus

22 May 2015


Mohammed bin Rashid al Maktoum, the ruler of Dubai, has issued a new law establishing the Dubai World Trade Centre (DWTC) as a free zone.

The free zone will be regulated by the Dubai World Trade Centre Authority (DWTCA). The responsibilities of the DWTCA include: establishing, developing, and managing the zone's infrastructure and administrative services; defining the business activities within Dubai World Trade Centre; approving the general plan for DWTC's zones; licensing, organizing, and overseeing construction works in the Dubai World Trade Centre; registering and licensing companies; and defining and collecting registration and licensing fees.

The new law is to be published in the Official Gazette and considered valid from the date of publication.

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

At the beginning of May, Al Maktoum announced that he has established the Dubai Free Zones Council to promote the development of Dubai's free zones.

TAGS: United Arab Emirates | tax | business | export duty | law | corporation tax | fees | licensing | import duty | construction | trade | individual income tax | Dubai | free trade zone | services

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