Tag Archives: Dr Mohammed Alzarooni

The Dubai Free Zones Council and the Federal Tax Authority organised a workshop on Value-Added Tax (VAT), to be implemented in the UAE from 2018. More than 70 representatives of companies operating across Dubai’s various free zones participated in the event. With the aim of helping free zone entities fulfil their tax obligations, the workshop provided an overview of VAT and related mechanisms, the implementation timeline, products and services it will cover, as well as tax-exempt sectors. The session clarified the impact of the new tax law on activities such as bookkeeping as well as on the preparation of invoices and other financial documents. Dr Mohammed Alzarooni, Secretary General of the Dubai Free Zones Council, stressed on the importance of the workshop for enabling entities operating in the free zones to prepare for full compliance with the new tax legislation. He said, “Companies must take effective measures to adapt their operations, financial management and information systems to the new tax environment. The necessary changes are also set to impact professional capacities – accountants will need additional training and the job market may see a surge in tax adviser vacancies.”

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis (DSO), unveiled the commemorative plaque and laid the foundation stone of “Silicon Park”, the first integrated smart city project taking shape at the hi-tech park. Once complete, the landmark development spanning 150,000 square meters and constructed at a cost of AED1.3 billion will reinforce the green credentials of Dubai and the wider UAE. The unveiling ceremony was attended by Dr Mohammed Alzarooni, Vice Chairman and Chief Executive Officer of DSOA, and senior management from DSOA. Set for completion in 2018, Silicon Park will comprise 71,000 square meters of office space, 25,000 square meters of commercial space, 46,000 square meters of residential area and the 115-key business hotel Radisson RED Dubai Silicon Oasis. In addition, it will feature value-added contemporary lifestyle facilities, such as restaurants, cafés, prayer rooms, a shopping centre and an underground parking space that can accommodate more than 2,500 cars. His Highness Sheikh Ahmed bin Saeed Al Maktoum said: “In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to transform Dubai into the smartest city in the world, we have conceptualized Silicon Park with smart technology at the core of its DNA. With the objectives of the UAE Vision 2021 in mind, the integrated smart city project reflects global trends for smart cities and incorporates most of the KPIs of the UAE National Agenda, including cohesive society, safe public and sustainable environment. We are confident Silicon Park will offer a modern holistic lifestyle for residents, workers and visitors.”