WEEKLY BUSINESS ROUNDUP - 2nd April 2023 – 8th April 2023

MoF issues decision on small business relief for corporate tax purposes

The Ministry of Finance has issued Ministerial Decision No. 73 of 2023 on Small Business Relief for the purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax Law”). The decision is issued in accordance with Article 21 of the Corporate Tax Law, which treats the taxable person as not having derived any taxable income, in a given tax period, where the revenue did not exceed certain threshold. Small Business Relief intends to support start-ups and small businesses, by reducing their Corporate Tax burden and compliance costs.

 

Air cargo improves in February: IATA

The International Air Transport Association (IATA) reported global air cargo markets recorded air cargo demand rise above pre-pandemic levels in February 2023. February demand for air cargo was 2.9% higher than pre-pandemic levels (of February 2019) and for the first time in eight months it surpassed pre-pandemic levels. 

 

CBUAE issues a new banknote for circulation

The Central Bank of UAE issued a new banknote of AED 1000 denomination for circulation. The new banknote will be available at banks and exchange houses from 10th April 2023 onwards. The design of the new banknote uses images showcasing global achievements of the UAE.

 

UAE participates in the WB -IMF Spring Meetings

UAE is participating in the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), which will be held in Washington, D.C. from 10th to 16th April. This meeting aims to discuss various topics like global macroeconomic challenges, developments in digitisation and financial services technology, climate affairs, the path towards equality, and evolving global economic developments.

 

UAE Youth Climate Delegates set to make COP 28 youthful and inclusive

Recognising the importance of participation of youth in COP 28, UAE concluded The United Arab Emirates’ Youth Climate Delegates official meeting. The delegates discussed solutions to involve the young population in climate conversations and discussed the activities and initiatives that will be undertaken in collaboration with other stakeholders.

 

WTO: UAE’s global merchandise trade crossed US$1 trillion mark in 2022

According to the World Trade Organisation (WTO) UAE's merchandise trade with the rest of the world hit US$1.024 trillion in 2022 as the share of both exports and imports increased owing to higher crude oil prices. Imports accounted for 22% of that amount while exports grew by 41%. WTO reports ranked UAE 11th in terms of exports of commodities and 18th as the importer of global merchandise trade worldwide.

 

UAE Ministry of Climate Change and Environment hosts collaborative event ‘Green Retreat’

At a collaborative event hosted by the UAE Ministry of Climate Change and Environment ‘Green Retreat’ the UAE's dedication to addressing climate change was showcased as a precursor to the country’s hosting of COP 28 later in 2023. Ministers and more than 150 high-ranking officials from 50 government and private entities attended the ‘Green Retreat’ where innovative ideas and projects facilitated a unified approach to highlight UAE’s efforts in the run upto hosting COP 28 in Dubai. 

 

Ministry of Economy reports 557,000 SMEs operated in UAE at the end of 2022

Number of SMEs operating in the UAE at the end of 2022 totalled 557,000, in line with the country’s ambitious plan to drive this number to 1 million by the end of 2030. SMEs account for 63.5% of non-oil GDP. The country works towards creating an investment environment that supports citizens who own SMEs, in line with its vision to establish a globally competitive knowledge-based economy led by UAE nationals.

 

Abu Dhabi records 33% growth in pre arrival customs clearance transactions during Q1 2023

The General Administration of Abu Dhabi Customs recorded a growth in pre-arrival customs clearance transactions during Q1 2023, marking 33% of the total customs clearance transactions at various customs ports across the emirate, compared to 23% in Q1 of 2022. Pre-arrival clearance transactions constituted 45% of the total customs clearance data at airports, while 31% were recorded at land ports, and 9% at seaports. The growth in pre arrival customs clearance transactions reflects the strategic transformation of Abu Dhabi Customs. 

 

Industrial sector contributes 20% to Ajman’s GDP

Ajman Department of Economic Development (DED) during the Ramadan Economic Majlis session stated that the industrial sector contributes approximately 20% to the emirate’s GDP. The industrial sector in the emirate is focused on developing key partnerships, utilising advanced technology, and promoting industries and innovations.