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Tuesday / May 26.

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Dubai, Abu Dhabi governments ease burden of private businesses hit by coronavirus

DUBAI: The Dubai International Financial Centre (DIFC) in implementing a series of fiscal easing initiatives over the next three months starting April 1 to help all businesses operating in the financial free zone.

Under the conditional scheme, existing DIFC-registered businesses can take advantage of a 10 percent discount of renewal fees for their licenses, while new registrants will have their annual licensing fees waived during the next three months.

The DIFC will also allow deferred payments for all properties owned by DIFC Investments for a period up to six months, while property transfer fees would be discounted from between five percent to four percent for any related transaction during the three-month period.

“The transfer must be registered with the DIFC Registrar of Real Properties within 30 days following the expiry of the three-month period,” the DIFC said.

The free zone will likewise facilitate the free movement of labor in and out of DIFC between other free zones, provided employers have the necessary secondment arrangements in place and employees are recorded with registry services so they can access buildings and offices within the DIFC.

“The well-being of our community is of utmost importance. We are working continually to ensure all health and safety measures are implemented swiftly and effectively as directed by the relevant government authorities,” Arif Amiri, the DIFC Authority Chief Executive Officer, said.

Over in Abu Dhabi, the Abu Dhabi Department of Economic Development (ADDED) on Tuesday issued a circular waiving Dh246 million in penalties levied on private companies, boosting the stimulus package announced by the government earlier this month.

The waiver of penalties for economic licensing violations would benefit 72,242 private companies including SMEs in commercial and industrial sectors, the ADDED said.

The waived violations include fines for delay in license renewal amounting Dh240.98 million and violations related to practicing economic activities valued at Dh5.66 million.

Together with the stimulus package, the latest initiative would boost the “resilience of the commercial and industrial sectors” and enable the “private sector to adjust swiftly to global economic challenges,” the ADDED said.


via AN