UAE tax rules relaxed to reduce burden on business sector

The United Arab Emirates (UAE) cabinet on Wednesday has amended the executive regulation of federal law on tax procedures to make it easier for dealers and to reduce the burden on the business sector.

The amendment extends the tax notification to 10 to 40 business days and also includes a time limit of 20 to 40 business days from the date of receipt of the application by the Federal Tax Authority to issue a decision to reduce or exempt.

The decision came after the cabinet met on Wednesday under the chairmanship of His Excellency Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai.

The cabinet approved the issuance of a decision on the requirements of the natural person Insolvency law Act. The law aims to increase the UAE’s competitiveness in order to facilitate business and create favorable conditions for those facing financial difficulties.

The UAE cabinet also adopted a strategy for talent attraction and retention, a move that will help consolidate the country’s prominent position as a priority destination for life, work and investment.

UAE also adopted a new policy to develop Emirati exports and increase the proportion of national goods in them to reach 50 per cent of our exports, by opening channels and concluding agreements with a group of strategic markets around the world.