UAE Cabinet has adopted a decision to amend and waive fees in a bid to cut business costs and increase competitiveness
Fees are to be waived or amended for more than 1,500 government services in the UAE in a bid to cut costs to businesses and increase competitiveness.
According to state news agency WAM, the UAE Cabinet has adopted a decision to amend and waive fees for a number of federal services.
It said the decision promotes economic growth in the UAE and includes the amendment or cancellation of fees for more than 1,500 government services provided by the Ministry of Interior, Ministry of Economy, Ministry of Human Resources and Emiratisation.
"The decision contributes to attracting more foreign investments and position the UAE a hub for business by reducing administrative costs and fees. The decision also balances the revenue system of the government in parallel with the tax system," a statement carried by WAM added.
The announcement comes on the same day it was revealed that the UAE's non-oil foreign trade reached a total of AED1.6 trillion ($440 billion) in 2018.
Direct non-oil foreign trade accounted for 63 percent (AED1 trillion) of the total value, while free zone trade and customs warehouses amounted to 36 percent (AED592.4 billion) and one percent (AED11 billion) respectively.
0 comments