Today, the government announced that Emiratis working in the public sector might take up to a year off to establish their own enterprises, possibly keeping their positions. To keep their employment, Emirati entrepreneurs who use the one-year vacation to start their firm would get half of their regular pay. The UAE Vice President, Prime Minister, and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum announces at a Cabinet meeting today in Abu Dhabi’s Qasr Al Watan.
New Framework For Cultural And Creative Industries
The cabinet has also authorised a new statistical framework for cultural and creative industries, and the relevant parties task with implementing and developing it. More than 36,000 small and medium-sized businesses in the UAE’s cultural and creative industries provide 3.5 per cent of the country’s GDP, or Dh54.4 billion, which is 5 per cent of the country’s non-oil GDP, according to Gulf News.
ترأست اليوم اجتماعاً لمجلس الوزراء في قصر الوطن بأبوظبي.. استعرضنا في بدايته نتائجنا الاقتصادية مقارنة بما قبل الجائحة .. 47٪ نمو صادراتنا غير النفطية.. 16٪ نمو الاستثمار الأجنبي .. 126٪ نمو الشركات الجديدة المسجلة في الدولة … اقتصادنا بخير وينمو .. ومسيرتنا في تصاعد بحمدالله .. pic.twitter.com/JlY07Kzsjn
— HH Sheikh Mohammed (@HHShkMohd) July 7, 2022
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Ease in The Corporate Tax Law
As a result of the adoption of the new Corporate Tax (CT) legislation and other measures aimed at making conducting business in the UAE easier, the cabinet has approved many changes to the country’s tax regulations. The difference is to improve the efficiency of the financial and tax system.
The cabinet also approved adopting federal legislation on finance leases to broaden the use of finance leases for financing and lending. For financial leasing flexibility, the cabinet must also emphasise the notion of contract freedom.
Also Read: UAE Announces New Law That Grants Citizenship For Non Emiratis
First Published: July 08, 2022 12:59 PM