UAE launches 227 economic incentives in three months amid COVID-19

As part of the incentives, the UAE has provided facilities and grants as well as postponed loan payments to all the economic sectors, small and medium-sized enterprises and individuals

  
High angle views of urban skyline and skyscrapers at sunset in Dubai UAE. Image used for illustrative purpose.

High angle views of urban skyline and skyscrapers at sunset in Dubai UAE. Image used for illustrative purpose.

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UAE - The UAE government has launched more than 227 economic and trade incentives from March to June to promote economic growth and support the business sector amid the coronavirus (COVID-19) crisis.

From 11 April to 4 June, the UAE has set 127 economic incentives, while around 100 incentives were offered from 1 March to 10 April, according to a report issued by the Federal Competitiveness and Statistics Authority (FCSA).

As part of the incentives, the UAE has provided facilities and grants as well as postponed loan payments to all the economic sectors, small and medium-sized enterprises (SMEs), and individuals.

The UAE Ministry of Economy also reduced the fees of 94 services for individual, corporate, and business customers to cut the business sector cost by AED 113 million in 2020.

Meanwhile, the Central Bank of the UAE (CBUAE) has urged banks and financial institutions to extend debt delay periods and interest on the payments due until 31 December 2020, as part of the comprehensive economic support plan.

As for the tax services, the Federal Tax Authority has extended the tax period for registrants to the excise tax exceptionally to include the months of March and April 2020.

Source: Mubasher

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