The Council of Ministers approves the issuance of amendments to tax laws

54.4 billion dirhams, the contribution of cultural industries to the total output

Mohammed bin Rashid during his presidency of the Council of Ministers.

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The Cabinet approved, during its session yesterday, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the economic statistical framework for the cultural and creative industries.

The Council directed all parties to work on employing it on an annual basis, and to follow up on its implementation, to follow up on economic indicators and ensure their sustainable development.

The work in the economic statistical framework for the cultural and creative industries enhances the state’s position in the competitiveness reports, and provides data and statistical information at the state level as a unified system characterized by comprehensiveness and accuracy, which enhances the clear follow-up of the cultural and creative industries sector, whether for creators or entrepreneurs in the sector, or entrepreneur investors, and institutions The academy, and companies with their different classifications, which is reflected positively on the growth of their business, in addition to measuring the contribution to the local product of the cultural and creative industries sector in the national economy.

This framework also contributes to providing national data that can be used to support the sector to attract talented and major investment opportunities, and to enhance the economic performance of the cultural and creative industries sector.

According to the statistics, the contribution of the cultural and creative industries to the total output amounted to 3.5%, equivalent to 54.4 billion dirhams, which is also equivalent to 5% of the total non-oil product, while the number of small and medium enterprises covered by this sector is more than 36,000.

In legislative affairs, the Council approved the issuance of several amendments to tax laws, coinciding with the introduction of the corporate and business tax law, facilitating doing business, and enhancing the state's position in various indicators of global competitiveness.

It approved the amendment of some provisions of the Tax Procedures Law, so that the basic provisions in force in the law are preserved with some amendments and new articles added to comply with the corporate and business tax law, in order to ensure the success of the tax system, raise its efficiency and enhance transparency processes within the framework of practices to preserve public money in order to achieve an economy sustainable.

The Council also approved the amendment of some provisions of the Selective Tax Law, which aims to reduce the consumption of goods that are harmful to human health or the environment, in order to ensure raising the level of quality implementation of the selective tax policy, encourage business owners to comply with tax, and enhance the country’s position in the index of ease of doing business and attracting business. investments.

The Council of Ministers approved the amendment of some provisions of the Value Added Tax Law, in line with the Unified Agreement on Value Added Tax for the Cooperation Council for the Arab States of the Gulf.

A decision was adopted regarding the refund of the input tax resulting from the construction and operation of mosques, which regulates the refund of the value-added tax resulting from the construction and operation of mosques by donors. .

The Council issued a decision regarding the criteria used to determine the tax domicile of an individual from one country to another, to benefit from the double taxation avoidance agreements and the tax advantages that these agreements provide to individuals, private companies and government institutions.

The Council approved the system for collecting federal government revenues by commercial banks operating in the country, which defines the guidelines, rules and standards regulating the revenue collection process in the federal government, and is subject to the provisions of the Federal Decree-Law on Public Finance, where the Ministry of Finance developed this system, to become the reference document for the revenue collection mechanism. The federal government, and focuses on involving all relevant stakeholders and participants in the process of collecting federal government revenues, in a way that enhances efforts to upgrade the country's financial system and supports maintaining its global competitiveness.

In regulatory affairs, the Council approved the addition of members to the Higher Committee for Free Trade Negotiations and the National Negotiating Team for Free Trade Negotiations, and also approved the amendment of the articles of association of the Emirates Post Group Company.

The council reviewed a number of recommendations of the Federal National Council regarding the policy of the Ministry of Community Development regarding the development of the social security system, and the policy of the Ministry of Justice regarding family guidance.

Regulating the import and circulation of genetically modified organisms or their products

The Cabinet approved the executive regulations of the Federal Law regarding the biosafety of genetically modified organisms and their products, which includes the most important general provisions for regulating the import, transit and circulation of genetically modified organisms or their products, and the conditions and controls for their export or re-export. In a manner that contributes to raising the level of health, human safety and the environment, and promoting entrepreneurship and economic investments in issues related to the use of modern biotechnology in the country, and in a manner that supports the country’s regional position and competitiveness in the import trade and re-export of genetically modified organisms and their products.

Regional and international agreements

The Council ratified an agreement with the Republic of the Philippines for the encouragement and mutual protection of investments, and an agreement with the State of Israel regarding the comprehensive economic partnership.

The Council adopted a resolution approving the linking of UAE commercial banks to the Afaq payment systems system.

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A thousand small and medium enterprises covered by the cultural and creative industries sector in the country.

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