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Council of Free Zones Approves DSC system

​Image: Ahmed Bin Saeed Al Maktoum

​Image: Ahmed bin Saeed Al Maktoum

The Council of Free Zones, Dubai, reviewed during its fourth meeting presided by His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of the Council, held in the Emirates Towers building, the workflow concerning a project to develop a strategy for the Council, as well as coordination and cooperation with the Federal Competitiveness and Statistical Authority, where the Council approved using DSC system. It also discussed the cooperation with the Ministry of Finance on the VAT law and electronic connectivity between free zones and Government departments.

Strategy

During the meeting, they reviewed the progress of work on a project to develop a strategy for the Council of Free Zones in Dubai, where the first phase concerning collecting information, discussing challenges facing free zones and the role of the Council in dealing with them was discussed, in addition to benchmarking with similar bodies in the world.

They will be working on the launch of the second phase, which includes a number of workshops to identify projects and initiatives that will be adopted by the Council during the next five years.

Competitiveness.

Federal Competitiveness and Statistical Authority has provided a presentation on the Authority, its functions, powers and seeking to improve performance in areas of global competitiveness, statistics and data by working with partners to implement initiatives and identify policies of relevance to vital sectors.

 The Federal Competitiveness and Statistical Authority is one of the most important governmental sources of national statistics and monitoring of competitive performance in global reports through partnerships at the local, federal and international levels, of which the partnership with the World Bank is an example. During the meeting, a resolution directing the legal Committee to coordinate and cooperate with the Authority and submit to the Council a report on the subject was approved.

Statistics

Also DSC gave a presentation of its system and how to collect data through electronic connectivity with various entities, to allow access to vital data while maintaining security and confidentiality requirements. The Council discussed the possibility of linking with DSC and using the system, the resolution concerning which was approved.

The Department of Finance participated in the meeting,  with a brief concerning VAT and the Federal Bill covering it, articles on free zones and discussions with the Ministry of Finance in this regard, where the Council directed its legal committee to review the bill and submit a proposal for a tax on articles on companies operating in the free zones of different types and how to handle them and calculate the tax.

The Council of Free Zones, Dubai, was established in April last year by law 13 of 2015 issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, May God keep him safe, in his capacity as the ruler of Dubai, to contribute to the development of free zones and their growth and rehabilitation to attract investments and create a sophisticated investment environment that contributes to the revitalization of industry and commerce, tourism and services in the Emirate of Dubai. The membership of the Council includes, in addition to the free zone officials, Director General of Dubai Municipality and General Manager of The State Security body.

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