Part of the UAE Corporate Tax’s Free Zone regulations.
Abu Dhabi, UAE The Ministry of Finance today announced the launch of a digital public consultation on its website (link here) as part of the UAE Corporate Tax’s Free Zone regulations. The consultation will be open from 19 July to 2 August 2023.
This initiative reflects the significant contribution of free zones to the local economy, and their integral role in stimulating growth and economic transformation locally and internationally. The digital public consultation also reflects the Ministry’s belief in the importance of consulting with the business community and relevant stakeholders, as part of its priorities to contribute to the achievement of the UAE’s strategic goals, and to consolidate the country’s position as an international business and investment hub.
Given the diverse nature of companies established in the UAE’s free zones, it is important to ensure that their activities match the list of qualifying and excluded business activities. Hence, the Ministry of Finance aims to gather feedback from free zone-based companies and other relevant parties, ahead of issuing further clarifications or executive decisions detailing the scope of these activities.
The Ministry of Finance welcomes clear and concise comments, with examples and data (where possible), or other information to support the views expressed in the responses to this consultation. The responses must be received by August 2, 2023, and will remain confidential and will not be published.
About the Ministry of Finance:
The Ministry of Finance of the United Arab Emirates was established as a sovereign ministry under Federal Decree No. (2) of 1971 to assume responsibility for implementing all financial policies related to economic development in the country, foremost of which is preparing and allocating the federal budget, managing the government’s financial situation, and providing services to the government and business sectors, as well as individuals. His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, serves as Minister of Finance, heading the UAE’s economic and financial interests. His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, aims to achieve the Ministry’s strategic objectives.
The Ministry of Finance operates in accordance with a realistic yet ambitious strategic plan to perform its tasks and services in line with international best practices. The Ministry strives to achieve six key strategic goals, namely, enhancing financial planning in the Federal Government and the sustainability of public finances; raising the efficiency and effectiveness of budget execution, while managing the Federal Government’s financial position and cash flows; overseeing the UAE’s financial and economic interests at the international level; boosting the country’s competitiveness in financial and economic fields; providing all administrative services in accordance with the highest standards of quality, efficiency, and transparency; and finally, promoting a culture of innovation in the corporate work environment.
The Ministry includes five main sectors: the government budget and revenue sector, tax legislation sector, government financial management sector, international financial relations sector, and support services sector. It also includes the Federal Debt Management Office, General Budget Committee, Government Financial Policy Coordination Council, and the Financial Restructuring Committee.