The Dubai Free Zone (DFZ) Council has approved the usage of the Dubai Statistics Centre (DSC) system.
Apart from adopting the usage of the system, a meeting chaired by H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DFZ Council, also reviewed the progress on the strategic plan of the council, studied a potential coordination with the Federal Competitive and Statistics Authority (FCSA), collaboration with the Ministry of Finance around the Value Added Tax (VAT) Act, and the electronic connectivity between Free Zones and Dubai government departments.
Phase 1 and 2
In the meeting, the progress on the first phase of the strategic plan of the council was evaluated. The first phase, which has been completed, is concerned with collecting information, comparing standards with international counterparts, discussing the challenges that lay ahead for free zones, and the role of the council in addressing those problems.
Phase two is set to be put into action soon which includes many workshops to propose appropriate projects and initiatives for the next five years.
The Federal Competitiveness and Statistic Authority (FCSA) presented an overview of its vision, mission and partnered initiatives in developing the performance of the UAE in the field of international competitiveness and data and statistics by identifying policies in the sector. The entity is a significant source of local data and continuously monitors the competitive performance of the nation within global reports. It prides itself for its various local, federal and international partnerships that support its area of expertise.
The council issued a decree mandating its legislative committee to coordinate with the entity in submitting a similar report between the DFZ Council and international counterparts.
The DSC presented their framework and how it collects information through electronic connectivity with various entities, which allows it to carefully observe live data while complying laws regarding confidentiality, privacy and security of information.
Value Added Tax
The Dubai Department of Finance presented a brief about the Value Added Tax (VAT), the planned federal law around the same, the matters related to free zones, and an update on the discussions with the Ministry of Finance in this regard.
The council mandated its legislative committee to review the law, specifically matters related to free zones, and revert to a suggested method of implementation for companies based out of free zones in Dubai.
During the meeting, members addressed a recommendation received from the Executive Council of Dubai to connect free zones with government departments electronically. This step aims to smoothen the workflow between both parties and accelerate completion of transactions. The members agreed to execute the recommendation, as it helps in overcoming the obstacles that tend to delay the processing of applications.
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