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Mon 29 Nov 2010 10:52 AM

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Dubai will not impose taxes on trade or residents

Governor of DIFC says decision to tax residents can only be made by federal government

Dubai will not impose taxes on trade or residents
Ahmed Humaid Al Tayer, governor of the Dubai International Financial Centre (DIFC). (ITP Images)

Dubai’s government is not considering imposing taxes on residents, the governor of the Dubai International Financial Centre (DIFC) is reported as saying.

Ahmed Humaid Al Tayer said the local government does not have the authority to impose taxes, according to a report by Emirates 24/7. Only the federal government is able to bring in such rules.

Al Tayer added that no additional fees would be levied on trade, according to the report.

Statistics from Dubai Customs released at the Dubai Economic Update Media Forum and reported by the website, show trade increased from AED320bn in 2009 to AED377bn in the eight months to August 31, 2010.

Exports have surged 39 percent while re-exports registered 20 percent growth over the same period.

Salvatore 8 years ago

Dear Sir, can RERA comment on the previous statement that There is no crisis in Dubai property market and this is only a Media thing? Why RERA delayed Strata Law for 3 years, did this help the market situation? What is RERA answer to some investors who consider the whole property business in Dubai as a big scam due to double standards used when a developer is in contract breach and when an investors wants his money back. Thank you for this opportunity to ask RERA some questions

James 8 years ago

Salvatore makes good points. And when is the visa law going to be revised? As discussed by many people on many previous occasions, why does the UAE encourage so much residential and commercial property development when, as evidenced by the 6-month visa rule, it seems like it does not really want foreigners to reside in the country? If people are not made to feel welcome they will not invest and give of their best to the future development of the country.