During its session yesterday, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Cabinet approved the economic statistical framework for the cultural and creative industries.
The Council instructed all parties to work towards employing it on an annual basis, and to monitor its implementation, to monitor economic indicators and to ensure their sustainable development.
The work in the economic statistical framework for the cultural and creative industries strengthens the state’s position in the competitiveness reports, and provides data and statistical information at state level as a unified system characterized by comprehensiveness and accuracy, which clearly follows the cultural and creative industries sector, whether for creators or entrepreneurs in the sector, or entrepreneurial investors, and institutions The academy, and companies with their different classifications, which are positively reflected on the growth of their business, in addition to measuring the contribution to the local product of the cultural and creative industries sector in the national economy.
This framework also contributes to the provision of national data that can be used to support the sector to attract talented and large investment opportunities, and to improve the economic performance of the cultural and creative industrial sector.
According to the statistics, the contribution of the cultural and creative industries to the total output was 3.5%, equivalent to 54.4 billion dirhams, which is also equivalent to 5% of the total non-oil product, while the number of small and medium enterprises covered by this sector are more than 36 000.
In legislative matters, the Council approved the issuance of several amendments to tax laws, which coincided with the enactment of the Corporate and Business Tax Act, which facilitated business and improved the state’s position in various indicators of global competitiveness.
It has approved the amendment of some provisions of the Tax Procedures Act so that the basic provisions in force in the Act are retained with some amendments and new articles added to comply with the Corporate and Business Tax Act, in order to be successful of the tax system, increase its efficiency and improve transparency processes within the framework of practices to preserve public money in order to achieve a sustainable economy.
The Council also approved the amendment of some provisions of the Excise Tax Act, aimed at reducing the consumption of goods that are harmful to human health or the environment, in order to ensure that the level of quality implementation of the selective tax policy increases be, encourage business owners to comply with taxes, and improve the country’s position in the index of ease of doing business and attracting business investment.
The Council of Ministers approved the amendment of some provisions of the Value Added Tax Act, in accordance with the Unified Value Added Tax Agreement for the Arab Gulf Cooperation Council.
A decision was taken on the refund of the input tax arising from the construction and operation of mosques, which regulates the refund of the value added tax due to the construction and operation of mosques by donors.
The Council has issued a decision on the criteria used to determine the tax domicile of an individual from one country to another, in order to benefit from the double tax avoidance agreements and the tax benefits that these agreements provide to individuals, private companies and state institutions provide.
The Council has approved the system of collection of federal government revenue by commercial banks operating in the country, which defines the guidelines, rules and standards governing the revenue collection process in the federal government, and is subject to the provisions of the Federal Decision Public Finance Act, where the Ministry of Finance developed this system, to become the reference document for the revenue collection mechanism. The federal government, which focuses on involving all relevant stakeholders and participants in the process of raising federal government revenue, in a way that enhances efforts to upgrade the country’s financial system and supports maintaining its global competitiveness.
In regulatory matters, the Board approved the addition of members to the Higher Committee on Free Trade Negotiations and the National Negotiating Team for Free Trade Negotiations, as well as the amendment of the statutes of the Emirates Post Group Company.
The council reviewed a number of recommendations from the Federal National Council on the Ministry of Community Development’s policy regarding the development of the social security system, and the Ministry of Justice’s policy on family counseling.
Regulation of the import and circulation of genetically modified organisms or their products
Cabinet has approved the executive regulations of the Federal Act on the Biosafety of Genetically Modified Organisms and Their Products, which include the most important general provisions for regulating the import, transit and circulation of genetically modified organisms or their products, and the conditions and controls for in a way that contributes to increasing the level of health, human safety and the environment, and promoting entrepreneurship and economic investment in issues related to the use of modern biotechnology in the country, and on a way that supports the country’s regional position and competitiveness in the import trade and re-export of genetically modified organisms and their products.
Regional and international agreements
The Council ratified an agreement with the Republic of the Philippines for the encouragement and mutual protection of investments, and an agreement with the State of Israel regarding the comprehensive economic partnership.
The Council adopted a resolution approving the link between UAE commercial banks and the Afaq payment system.
Thousands of small and medium enterprises covered by the cultural and creative industrial sector in the country.
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