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The UAE federal tax system is administered by the Federal Tax Authority (FTA), which was founded ahead of the 2018 implementation of a federal value added tax (VAT). The current standard VAT rate in the country is 5%. [2] [3] In January 2022, the UAE Ministry of Finance announced the implementation of a federal corporate tax starting June 2023. [4]
Free-trade zones in Dubai, (FTZs) are special economic zones set up with the objective of offering tax concessions and customs duty benefits to expatriate investors. There are 26 Free Zones operating in Dubai. FTZs in Dubai and the UAE are governed pursuant to a special framework of rules and regulations. A Free Zone Authority offers business ...
Federal Law No. (1) for the year 2003 A.C. regarding establishment of the Federal Customs Authority (FCA) in the UAE defined the primary Functions and responsibilities of FCA on the basis that it is the authority concerned with drawing customs policy in cooperation with customs administrations, preparing unified legislations to regulate customs work, and supervising implementation of it by ...
The Microsoft sign at the entrance of the Dubai Microsoft campus, Dubai Internet City Dubai Maritime City, Dubai under construction in 2008. A free zone authority is a designated economic area governed by its own set of regulations, which differ from those applicable to businesses outside the zone.
The Dubai Multi Commodities Centre (DMCC) is a commodities exchange and free-trade zone in the United Arab Emirates. It is located in the Jumeirah Lake Towers district of Dubai . The DMCC was created in 2002 and deals in four main sectors: precious commodities (e.g., gold, diamonds); energy; steel and metals and agricultural commodities (e.g ...
Dubai Ports International (DPI) was founded in 1999. [4] Its first project was at Jeddah , Saudi Arabia , collaborating with a local partner on the South Container Terminal (SCT). DPI then began operations at the ports of Djibouti in 2000, Vizag , India in 2002 and Constanța , Romania in 2003. [ 4 ]
Established in 2015, Dubai World Trade Centre Authority (DWTCA) is a free zone, home to 2,000+ companies from 40+ industries spanning construction, healthcare, IT, media, and trade. [ 8 ] [ 9 ] [ 10 ] In December 2021, DWTC's mandate was expanded to include virtual assets and crypto , including digital assets , products, operators, and exchanges.
The Automated System for Customs Data (ASYCUDA) is a computerized system designed by the United Nations Conference on Trade and Development (UNCTAD) to administer a country's customs. In 2004 there were more than 50 operational projects with expenditures exceeding US$7 million.