GCC Leads as Highest Export Market for Dubai Companies
The members of the Dubai Chamber of Commerce achieved a cumulative total in exports and re-exports valued at $77.46 billion.
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The Dubai Chamber of Commerce, operating under Dubai Chambers, reported that its member companies achieved a substantial combined total in exports and re-exports, amounting to AED284.5 billion ($77.46 billion) during 2023. This performance showcases the important trade activities facilitated by the Chamber.
Dominance of the GCC Market
The Gulf Cooperation Council (GCC) emerged as the primary export and re-export destination for the Chamber’s members, capturing a significant 55.6% share of the total, equivalent to AED158.1 billion ($43.05 billion). This prominence affirms the critical role of the GCC in the trade strategies of the Chamber’s members.
Global Reach and Market Diversification
Beyond the GCC, the Chamber’s trade network extended across various regions. The Middle East (excluding the GCC) contributed 21.8% to the total exports and re-exports, valued at AED62 billion. Following closely, the Asia-Pacific region accounted for 9.5% with AED27 billion, while African markets represented 7.9% with AED22.4 billion.
European and North American markets contributed 3.5% and 1.4% with values of AED10.1 billion and AED3.9 billion, respectively. Lastly, Latin American markets made up 0.3% of the total, reaching approximately AED1 billion.
Strategic Initiatives and Leadership Vision
Mohammad Ali Rashed Lootah, the President and CEO of Dubai Chambers, emphasized the organization’s commitment to enhancing Dubai’s foreign trade and achieving the Dubai Economic Agenda (D33) objectives.
In 2023, the Chamber’s strategic expansion included opening 16 new representative offices worldwide, aiming to diversify its members’ export markets and support the robust business community in Dubai.
Lootah highlighted the adaptability and competitive edge of Dubai traders, facing global trade challenges with agility. The variety in export and re-export destinations reflects the dynamic and resilient nature of Dubai’s trade sector.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Compliance with these deadlines is crucial to avoid administrative penalties.
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The UAE’s Federal Tax Authority (FTA) is urging Corporate Taxpayers to adhere to submission deadlines to avoid fines. Specifically, Resident Juridical Persons with licenses issued in May (regardless of the year) must submit their Corporate Tax registration applications by July 31, 2024, in line with Federal Tax Authority Decision No. 3 of 2024.
This decision aligns with the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses and its amendments, effective from March 1, 2024. The FTA stresses the importance of meeting these registration deadlines, which have been communicated through various media channels and direct outreach to registered company owners in the UAE.
Utilizing the EmaraTax Platform
Compliance with these deadlines is crucial to avoid administrative penalties. The deadlines apply to both juridical and natural persons, including Resident and Non-Resident Persons in the UAE. Detailed information on these deadlines and other relevant issuances can be found on the FTA’s official website.
According to the FTA’s Public Clarification, Resident Juridical Persons established or recognized before March 1, 2024, must submit their tax registration applications based on the month their license was issued. Those with expired licenses as of March 1, 2024, should submit their applications based on the original issuance month. For those holding multiple licenses, the earliest issuance date applies.
Administrative penalties for corporate tax violations have been in effect since August 1, 2023. To facilitate the registration process, taxpayers must use the “EmaraTax” digital platform, available 24/7, or seek assistance from accredited tax agents and government service centers.
The FTA has also emphasized the importance of providing accurate information and submitting updated supporting documents correctly with the electronic registration application, noting that registering for Corporate Tax for a juridical person requires uploading various documents, including the commercial license, the Emirates ID card, the passport of the authorized signatory, and proof of authorization for the authorized signatory.
A comprehensive video explaining the registration process through the “EmaraTax” platform is available on the FTA’s website. This platform, designed according to international best practices, aims to streamline the registration journey, submission of periodic returns, and payment of due taxes for all UAE taxpayers.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
