ABU DHABI: The cabinet has approved a new customs law that provides tax relief for imports of goods not manufactured in the UAE. The new law was approved at a cabinet meeting held at Qasr Al Watan, Abu Dhabi under the chairmanship of Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum.
The new decision will give momentum to the Make in the Emirate project. At present, products produced in the UAE are subject to huge taxes if they are imported from abroad. Customs exemption for materials belonging to industries and not available in UAE. Sheikh Mohammed said the decision was to encourage factories to use locally produced materials.
This also ensures the marketing of local products. The cabinet meeting began by expressing gratitude to the health, service and disaster management departments and local and foreign volunteers who worked with the country in combating the Covid pandemic, one of the biggest health crises faced by the human society. Sheikh Mohammed pointed out that despite the availability of adequate personnel and financial resources, some ministries, departments and organizations are not performing well.
The Cabinet also approved a skill training scheme to prepare the employees to meet the future demand. Emphasis on environmental friendliness and sustainable economic development plan will also be emphasized. It was also decided to hold the next annual meeting on 22nd and 23rd.
English Summary: UAE Cabinet approves new policy on customs exemption.