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Free Zones Of UAE- Abu Dhabi Airport Free Zone (ADAFZ)
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UAE Freezones Biz News Updates
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Dubai Free Zones Council, Federal Tax Authority hold informative workshop
on VAT
Workshop provided a comprehensive overview of the VAT and related mechanisms
The Dubai Free Zones Council and the Federal Tax Authority have organised an
informative workshop on Value-Added Tax, VAT, that will be implemented in
the UAE starting from 2018. The event drew the participation of more than 70
representatives of companies operating across Dubai’s various free zones.
With the aim of helping free zone entities fulfil their tax obligations, the
workshop provided a comprehensive overview of the VAT and related
mechanisms, the implementation timeline, products and services it will
cover, as well as tax-exempt sectors. The session clarified the impact of
the new tax law on activities such as book-keeping as well as in the
preparation of invoices and other financial documents.
Dr. Mohammad Al Zarouni, Secretary-General of the Dubai Free Zones Council,
emphasised the importance of the workshop for enabling entities operating in
the free zones to prepare for full compliance with the new tax legislation.
He said, “Companies must take timely and effective measures to adapt their
operations, financial management and information systems to the new tax
environment. The necessary changes are also set to impact professional
capacities – accountants will need additional training, and the job market
may even see a surge in tax adviser vacancies.”
Dubai’s free zones have become a force to reckon with in the local and
international economic arena, and currently contribute a significant 33 per
cent to the emirate’s GDP – on a par with global standards, Al Zarouni
continued. Nearly 39 per cent of this contribution is generated by the
emirate’s exports, with free zones playing a critical role in attracting
foreign direct investment, he added.
The 24 free zones in Dubai host over 30,000 companies with 330,000
employees. The UAE is home to 40 free zones, the highest number in the
region, representing about 25 per cent of all free zones in Arab countries
worldwide.
October 21, 2017
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Courtesy Gulf News
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