Dubai Establishes Free Zone Council
by Lorys Charalambous, Lowtax.net, Cyprus
06 May, 2015
The ruler of Dubai, Mohammad bin Rashid Al Maktoum, announced recently that he has established the Dubai Free Zones Council.
The purpose of the council is to promote the development of Dubai's free zones. Its objectives include attracting investment to the emirate's zones and enhancing coordination and knowledge exchange between the zones.
The council is also authorized to prepare a comprehensive strategy for Dubai's free zones and to revise the legislation and regulations governing them.
The legislative regime for the Council does not reduce the powers of the authorities that oversee Dubai's free zones, and each free zone remains subject to its governing legislation unless they contradict or challenge the provisions of the new law.
Dubai is home to a number of 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 the free zones include exemptions from corporate tax and import and export duties.
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