Dubai Consults On New Tax Legislation
The regulator of the Dubai International Financial Center (DIFC) has launched a public consultation on a number of legislative amendments, including to bring the tax-free zone's regulatory regime in line with international tax transparency standards.
The DIFC Authority has proposed to amend a number of DIFC laws and regulations through the DIFC Laws Amendment Law, DIFC Law No. 1 of 2013, in order to comply with the requirements set out by the Organization for Economic Cooperation and Development's Global Forum on Transparency and the Exchange of Information for Tax Purposes, as well as amendments to the Arbitration Law, DIFC Law No.1 of 2008, to align it with the New York Convention.
To meet best standards on tax transparency, the DIFC intends to make amendments to the Companies Law, the General Partnership Law, the General Partnership Regulations, the Limited Partnership Law, and the Limited Liability Partnership Law.
The DIFC Authority is also proposing to include transitional provisions in the Non-Profit Incorporated Organizations Law, DIFC Law No. 6 of 2012, to allow existing non profit organisations to become Non-Profit Incorporated Organizations without having to dissolve and re-incorporate.