
New incentives to boost investment notably the industry are introduced in the draft Finance Bill 2015, as a continuity of state policy of support to the productive investment and the diversification of the national economy.
According to the Draft Finance Bill 2015, which APS received a copy, State will grant furthertax benefits to investors operating in industrial sectors.
Indeed, these investments will benefit from exemption of taxes on corporate profits (IBS) or taxes on total income (WRI) and the tax on professional activity (TAP) for a period of five years and a 3% interest rate subsidy, applicable to bank loans.
And to promote innovation within the companies activating in the industrial sector, the State plans to grant further tax benefits (VAT and customs duty) and a training bonus for investments achieved by those companies in the field of research and development.
The Public Treasure will take in charge the bank interests taken by the industrial companies in view to acquire and master the technological processes so to improve the industrial integration rate and the competitiveness of their products.
The draft law on the state budget for 2015 provides for the extension until 31 December 2019 of the application of the interest rate of customs duty on the acquisitions of equipment and furnishings which are not produced locally and complying with hotel standards and modernization and upgrading operations.
Furthermore, the bill proposes that the Public Treasure takes in charge the interest rates during the deferred period, and 100% subsidy of interest rates on loans given by public banks to the companies entrusted with the construction of 80,000 hire-purchase housing programme.
GMT 17:47 2018 Monday ,15 January
‘Negative’ outlook for Gulf sovereign ratings in 2018, says Moody’sGMT 19:27 2018 Sunday ,07 January
UAE pledges to distribute 70% of VAT proceeds to help fund community projectsGMT 19:21 2018 Sunday ,07 January
Surge in foreign fund inflows sets stage for Egyptian boomGMT 19:15 2018 Sunday ,07 January
Iraq to export Kirkuk oil to Iran before January-endGMT 11:35 2018 Wednesday ,03 January
Saudi Food and Drug Authority: No VAT on human medicines, vitamins, and registered medical equipmentGMT 10:00 2018 Wednesday ,03 January
Saudi Customs launches Approved Economic Operator programGMT 07:30 2018 Wednesday ,03 January
Morocco’s 2017 Economic Growth: GDP on the Rise, Investment in DeclineGMT 18:33 2018 Monday ,01 January
No New Year cheer for UAE property market
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor