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To lure more investors Abu Dhabi cuts business registration costs by 90pc

Abu Dhabi is going to cut the cost of establishing new businesses by “more than 90 per cent” from Tuesday to increase the emirate's “competitiveness regionally and internationally”.

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To lure more investors Abu Dhabi cuts business registration costs by 90pc
To lure more investors Abu Dhabi cuts business registration costs by 90pc

In recent weeks, authorities have ramped up efforts to woo new business to Abu Dhabi, one of seven emirates that make up the United Arab Emirates.

Corporate taxes are practically zero in the UAE as it seeks to diversify its previously oil-based economy.

“Business setup fees in Abu Dhabi emirate have been reduced to AED 1,000 ($272) — a reduction of more than 90pc,” the Abu Dhabi Government Media Office said in a statement late on Sunday.

The new tariff will see the scrapping of some fees that were previously payable to different public bodies and the reduction of others, and will come into force from July 27 (Tuesday), it added.

“The move will significantly enhance [the] ease of doing business in the emirate and increase Abu Dhabi's competitiveness regionally and internationally,” the statement said.

According to the Organisation for Economic Co-operation and Development (OECD), the UAE is among “jurisdictions with no or insignificant taxes”.

However, the UAE on Monday welcomed the historic deal to overhaul the way multinational companies are taxed, saying it supports the global consensus to combat tax avoidance and profit shifting.

More than 130 countries have already agreed to reforms on international taxation, including a minimum corporate rate of 15pc.

“The UAE is fully committed to working collaboratively with the OECD and [inclusive framework] members to further advance the technical discussions to ensure a fair and sustainable outcome can be achieved,” said the assistant under-secretary at the finance ministry, Saeed Rashid al-Yateem, according to a statement carried by the official WAM news agency.

The UAE has recently launched a swathe of economic reforms.

Since June 1, foreigners have been able to create businesses and retain control of all of the capital, once only possible in special free zones, compared to a maximum of 49pc outside those zones previously.

Abu Dhabi and Dubai, one of the other seven emirates, have traditionally competed to host the regional offices of global businesses, attracting thousands of firms.

In June, the Dubai government announced a series of reforms, due to be enacted by mid-September, aimed at reducing the cost of doing business and stimulating economic growth.

In recent months, Saudi Arabia, the Arab world's largest economy, has emerged as a competitor to the Emirates' pulling power as it seeks to break its own dependence on oil.

With a brand new business district in the capital Riyadh, Saudi Arabia issued an ultimatum to foreign businesses in February that they must locate their regional headquarters there by 2024 or risk missing out on lucrative government contracts.

SOURCE: AFP 

Faisal Ali Ghumman is a senior editor at GNN, known for writing top quality content which garner very high readerships and has been covering every field of journalism, including politics, media, sports and scholarly articles. Faisal Ali Ghumman is nothing less than a Veteran Editor and has been writing for GNN for the past 3 months.

Pakistan

'COVID fourth wave': Pakistan reports 3,689 cases, 83 deaths

Islamabad: Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than previous three COVID waves.

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'COVID fourth wave': Pakistan reports 3,689 cases, 83 deaths

According to National Command and Operations Center (NCOC), around 3,689 cases of coronavirus were reported while 83 people succumbed to the disease in the last 24 hours, taking the total death toll to 26,580.

The total number of cases has reached 1,197,887.

As many as 1,079,867 patients have recovered from the disease with 5,383 critical cases.

Punjab                

The number of patients swelled to 410,463 in the province with 12,171 causalities.

Sindh

The number of infections has surged to 442,401 in the province, while the death toll has reached 7,089.

Khyber Pakhtunkhwa

The confirmed cases have surged to 167,154 in the province with 5,200 casualties.

Balochistan

There are 32,517 confirmed cases while 342 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 33,131 coronavirus cases in the AJK while the death toll has reached 715. On the other hand, there are 10,127 cases in GB with 179 coronavirus deaths.

Islamabad

There are 102,094 cases in the capital city while 884 people have lost their lives.

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Pakistan

Pakistan's COVID-19 death toll crosses 27,000 mark

Islamabad: Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than previous three COVID waves.

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Pakistan's COVID-19 death toll crosses 27,000 mark

According to National Command and Operations Center (NCOC), around 3,012 cases of coronavirus were reported while 66 people succumbed to the disease in the last 24 hours, taking the total death toll to 27,004.

The total number of cases has reached 1,215,821.

As many as 1,112,236 patients have recovered from the disease with 5,039 critical cases.

Punjab               

The number of patients swelled to 418,196 in the province with 12,319 causalities.

Sindh

The number of infections has surged to 447,678 in the province, while the death toll has reached 7,210.

Khyber Pakhtunkhwa

The confirmed cases have surged to 169,972 in the province with 5,329 casualties.

Balochistan

There are 32,671 confirmed cases while 344 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 33,551 coronavirus cases in the AJK while the death toll has reached 727. On the other hand, there are 10,204 cases in GB with 182 coronavirus deaths.

Islamabad

There are 103,549 cases in the capital city while 893 people have lost their lives.

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Sports

Ramiz Raja becomes PCB chairman unopposed

Lahore: Veteran cricketer and former Test captain-turned commentator Rameez Raja has emerged as the next chairman of the Pakistan Cricket Board (PCB) on Monday.

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Ramiz Raja becomes PCB chairman unopposed

To elect the 36th PCB Chairman, a special meeting of the Board of Governors (BoG) took place today, (September 13) at the High Performance in Lahore.

The PCB Election Commissioner, Mr Justice (retd) Sheikh Azmat Saeed conducted the election, presiding over the meeting.

The members of the BoG including Mr Aasim Wajid Jawad, Ms Alia Zafar, Mr Asad Ali Khan, Mr Arif Saeed, Mr Javed Kurieshi, Mr Ramiz Raja and Mr Wasim Khan attended the special meeting.

At 1415 inside the Bob Woolmer Indoor School, NHPC, the newly-elected PCB Chairman will hold his media conference, which will be live-streamed on all PCB social media channels.

As per the PCB Covid-19 Protocols, which are designed to ensure health and wellbeing of all involved, only reporters and correspondents who are fully vaccinated and have immunisation certificates are invited to attend the media conference.

Moreover, TV news channels will be welcome to use PCB’s broadcast quality live-stream details of which will be shared shortly before the start of the media conference.

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