Pres­i­dent is­sues De­cree-laws on FDI, rev­enues

The Gulf Today - Business - - UAE -

Li­censed for­eign in­vest­ment com­pa­nies shall - in ac­cor­dance with Ar­ti­cle 8 of the De­cree-law - be granted the same treat­ment as na­tional com­pa­nies, within the lim­its per­mit­ted by the leg­is­la­tion in force in the state and the in­ter­na­tional conventions to which the UAE is a party.

Ar­ti­cle 10 of the De­cree-law stip­u­lates that the li­cens­ing au­thor­ity and the re­spon­si­ble au­thor­ity shall de­ter­minethe con­di­tions and pro­ce­dures for the estab­lish­ment and li­cens­ing off di projects based on the listed re­quired doc­u­ments of the De­cree-law, and the laws of the coun­try.

For­eign di­rect in­vest­ment projects which ex­ist be­fore the pro­vi­sions of this De­cree-law en­try into force shall re­tain all the priv­i­leges given in ac­cor­dance with for­mer leg­is­la­tions, agree­ments and con­tracts within the spec­i­fied pe­riod.

Pres­i­dent His High­ness Sheikh Khal­ifa Bin Zayed Al Nahyan, has is­sued a Fed­eral De­cree-law No. 15 of 2018 con­cern­ing the col­lec­tion of rev­enues and pub­lic funds with the aim of ac­cel­er­at­ing the pro­ce­dures for the claim, ex­e­cu­tion, set­tle­ment and col­lec­tion of debt.

Ac­cord­ing to the pro­vi­sions of Ar­ti­cle 3 of the De­cree-law, in­come and pub­lic funds im­pacted by the Law in­clude taxes, du­ties and wages in mat­ters of state ju­ris­dic­tion and the ines and fees paid to the state for the ser­vices it pro­vides, as well as ad­min­is­tra­tive ines and com­pen­sa­tions awarded un­der the pro­vi­sions of fed­eral laws.

Ac­cord­ing to the same ar­ti­cle, rev­enues also in­clude those from state in­vest­ments, amounts due in re­spect of sale, rent, own­er­ship or use of pub­lic funds, the pro­ceeds of in­vest­ment cer­ti­icates is­sued by the state, loans owed to the state, and any other funds listed by spe­cial laws in ac­cor­dance with the pro­vi­sions of this De­cree or by a de­ci­sion of the UAE Cabi­net.

Ac­cord­ing to the Fed­eral De­creelaw - which was pub­lished in the lat­est is­sue of the Ofi­cial Gazette - the or­gan­i­sa­tion al body re­spon­si­ble for the col­lec­tion of debt in ac­cor­dance with the pro­vi­sions of this De­cree shall be de­ter­mined by a de­ci­sion from the Min­is­ter of Fi­nance.

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