DIFC Proposes Changes To Data Protection Laws
by Lorys Charalambous, Lowtax.net, Cyprus
19 June, 2017
The Dubai International Financial Centre (DIFC), the tax-free international financial center, has proposed enhancements to its data protection laws.
The proposed amendments are intended to bring the Centre's data protection laws and regulations into line with international best practice, and to stay ahead of the European Union's General Data Protection Regulation, which applies from May 2018 to all companies worldwide that process the personal data of EU citizens.
The Centre is also proposing amendments to its Courts Law 2004 also.
Interested parties have until July 17, 2017, to comment on the proposed changes.
The Dubai International Financial Centre is a free trade zone located in Dubai, which offers a number of perks to firms, including zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, and no exchange controls.
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