In a significant development for the UAE’s tax framework, Sheikh Mohammed bin Rashid has announced that nearly 520,000 businesses have registered for corporate tax, while 470,000 are registered under the value-added tax system.
The announcement came during a Cabinet meeting held at Qasr Al Watan in Abu Dhabi, where the Vice-President and Prime Minister of UAE and Ruler of Dubai highlighted the country’s impressive global standing in tax policy efficiency.
“We discussed the progress of the UAE’s tax system, which supports financial sustainability and strengthens our global competitiveness. The UAE ranks fifth globally in tax policy efficiency and second in combating tax evasion, according to the annual report by the International Institute for Management Development (IMD) in Switzerland,” Sheikh Mohammed stated.
New Regulatory Legislative Intelligence Office
The Cabinet meeting also revealed plans to establish a new office for regulatory legislative intelligence within the UAE Cabinet. This innovative office will develop a comprehensive legislative map encompassing all federal and local legislation throughout the country.
According to Sheikh Mohammed, “This office will work on creating a comprehensive legislative plan that brings together all federal and local laws in the UAE, connecting them through artificial intelligence with judicial rulings, executive procedures, and public services.”
The system will offer remarkable capabilities, allowing authorities to track the daily impact of laws on citizens and the economy using extensive data analysis. It will also regularly propose updates to legislation based on these insights.
Additionally, the office will maintain connections with global research centres to monitor how the most effective global policies can be implemented in the UAE.
“This new legislative system, powered by artificial intelligence, will change how we create laws, making the process faster and more precise,” Sheikh Mohammed added.
Industrial Sector Growth
The meeting also reviewed preparations by the Ministry of Industry and Advanced Technology for hosting the “Make it in the Emirates” Forum, which aims to support the ongoing development of the UAE’s industrial sector.
Sheikh Mohammed noted the substantial economic contribution of this sector, stating, “Our industrial sector contributes Dh210 billion to our gross domestic product and has witnessed a growth of 59 per cent over the past four years.”
Global Alliance for Energy Efficiency
In another important decision, the Cabinet approved the launch of the Global Alliance for Energy Efficiency, which was previously announced during the UAE’s hosting of COP28 in 2023.
This alliance has been established to enhance international cooperation, exchange expertise, and develop global policies and initiatives with the ambitious goal of doubling energy efficiency across all sectors by 2030.
Key Takeaway
The UAE continues to strengthen its economic framework through tax system improvements, legislative innovation, and industrial growth initiatives, solidifying its position as a global leader in efficient governance and economic development.
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