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DIFC Authority Consults Public On Amendments To Its Law

by Lorys Charalambous, Lowtax.net, Cyprus
02 July, 2016

The Dubai International Financial Centre (DIFC) Authority has released proposed amendments to DIFC law for public consultation.

The DIFC Laws Amendment Law proposes amendments to the Companies Law 2009, the General Partnership Law 2004, the Limited Partnership Law 2006, and the Limited Liability Partnership Law 2004.

These proposed changes are in line with the requirements set out by the Organisation for Economic Cooperation Development (OECD) Global Forum on Transparency and the Exchange of Information for Tax Purposes.

The changes include an updated definition of "accounting records." According to the updated definition, accounting records are records and underlying documents comprising initial and other accounting entries, and associated supporting documents such as:

  • cheques;
  • records of electronic funds transfers;
  • invoices;
  • contracts;
  • the general and subsidiary ledgers, journal entries, and other adjustments to the financial statements that are not reflected in journal entries; and
  • work sheets and spread sheets supporting costs allocations, computations, reconciliations, and disclosures.

The proposed amendments have been posted for a 30-day public consultation period with the period for providing comments ending on July 29, 2016.

The DIFC, a free zone, offers a number of perks to firms, including zero percent income tax guaranteed for 50 years. It allows 100 percent foreign ownership and has no exchange controls.

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