UAE’s Economic Integration Committee will form a joint technical action group to raise awareness among eCommerce players about the importance of licensing their operations.
According to the reports, the action group will educate individuals working in the eCommerce sector about the importance of fulfilling tax commitments in line with applicable national legislation.
The entity will be comprised of the UAE’s ministries of economy and finance, the Department of Economic Development, the Federal Tax Authority, and the Telecommunications and Digital Government Regulatory Authority.
According to the recent report by EZDubai, the UAE’s total eCommerce market value has reached over $5 billion in 2021 and is expected to surpass $8 billion by 2025.
The decision was taken during the Economic Integration Committee’s third meeting of the year, chaired by Mr. Abdullah bin Touq Al Marri, UAE Minister of Economy.
During the meeting, the committee has discussed issues related to promoting federal and local cooperation and coordination to drive national economic growth.
Mr. Al Marri highlighted the committee’s efforts to drive the national economy’s growth, in line with the vision of the UAE’s leadership and the goals of the Principles of the 50 and the UAE Centennial 2071.
The minister noted that the committee is continuing to draft new plans and frameworks to address all current and future economic issues facing markets and the business environment by adopting efficient, proactive, and practical solutions.
“The development of the country’s economic policies is one of the key foundations of its new economic system. The committee has adopted several federal and local action frameworks to support related national efforts, as part of the major legislative amendments previously announced by the country,” Mr. Al Marri further added.
The Economic Integration Committee is headed by the economy minister and features representatives from the economic departments of each emirate. The committee aims to establish joint mechanisms for the development of economic activities at the federal and local levels.