His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Free Zone (DFZ) Council, chaired the fourth council meeting which was held at the Emirates Tower. The session outlined the progress on the Strategic Plan of the Dubai Free Zone Council, studied a potential coordination with the Federal Competitive and Statistics Authority, and approved the usage of the Dubai Statistics Center system.
The Council further discussed a collaboration with the Ministry of Finance around the Value Added Tax Act and the electronic connectivity between Free Zones and Dubai Government Departments.
During the meeting, the strategic committee reviewed the progress of the Strategic Plan of the Council, where the first phase has been completed. Phase one of the plan 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 challenges. Phase two is set to be actioned soon, where it includes a number of workshops to propose appropriate projects and initiatives for the next five years.
The Federal Competitive and Statistics Authority 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 with 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 comparative report between the DFZ Council and international counterparts.
The Dubai Statistics Center presented their framework and how it collects information through electronic connectivity with various entities, which allows it to closely observe live data while complying laws regarding confidentiality, privacy and security of information. The Council discussed, and approved, a tie-up with Dubai Statistics Center to adopt the system.
The Dubai Department of Finance presented a brief about the 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 with 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 work flow 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.
The Dubai Free Zone Council was established in April 2015 through law No. 13 of 2015 issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to develop and qualify Dubai’s free zones to attract investments and establish an advanced investment environment that contributes to promoting industry, commerce, tourism and the services sectors in Dubai. The Council comprises senior officials of the various free zones in Dubai as well as the Director General of Dubai Municipality and the Director General of State Security in Dubai.
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