Dubai Tax-Free Zones To Enhance Cooperation
by Lorys Charalambous, Lowtax.net, Cyprus
07 July, 2016
The Dubai Multi Commodities Centre (DMCC), a free trade zone in the United Arab Emirates, announced on June 29, 2016, the signing of a Memorandum of Understanding with Economic Zones World, the parent company of the Jebel Ali Free Zone Authority (Jafza).
The purpose of the memorandum is to enhance trade and explore new collaboration through sharing best market practices and access to technology.
Jafza companies will benefit from a range of products available through DMCC Tradeflow, an electronic central registry for commodity ownership in the region, and the DMCC's value-added services.
The DMCC offers a zero percent personal and corporate tax rate, as well as 100 percent capital repatriation with no currency restrictions. Jafza offers a number of benefits to companies established in the zone, including: zero percent corporate tax guaranteed for 50 years, zero percent import and re-export duties, zero percent personal income tax, and no restrictions on the repatriation of capital and profits. 100 percent foreign ownership is permitted.
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