The UAE’s Ministry of Industry and Advanced Technology, along with its partners, has launched new incentives packages to boost industrial small and medium enterprises in the Emirates.
The initiatives align with the objectives of the national Operation 300bn strategy, which aims to transform the UAE's industrial base into a globally competitive, productive and sustainable economic engine.
As part of the incentives, which were launched at Adipec, the ministry has teamed up with companies including Maxbyte and Schneider Electric to provide free Industrial Technology Transformation Index assessments for companies.
Certified assessors from Maxbyte, a provider of Fourth Industrial Revolution solutions, will conduct 50 free ITTI assessments by mid-2024. Assessors from Schneider Electric will conduct 25 assessments.
The ministry’s new incentive packages will also provide manufacturers and SMEs with the opportunity to nominate employees for a golden visa.
Manufacturers with high maturity that achieve an ITTI score of 40 per cent to 60 per cent can nominate up to two people to receive the special visa, while companies with a score of 61 per cent and above can nominate up to five.
“SMEs are now being offered maximised support to integrate advanced technologies, enhancing productivity, competitiveness, sustainability and efficiency across the value chain,” said Sarah Al Amiri, Minister of State for Public Education and Advanced Technology.
“These partnerships aim to make manufacturing in the UAE smarter and greener in line with Operation 300bn and in support of the Make it in the Emirates initiative.”
In 2021, the UAE launched Operation 300bn to position itself as a global industrial centre by 2031.
The 10-year comprehensive road map focuses on increasing the industrial sector's contribution to gross domestic product to Dh300 billion in 2031, from Dh133 billion in 2021.
The ministry, which is leading Operation 300bn, was created in 2020 to increase the competitiveness of products made in the UAE and the industrial sector's contribution to the economy.
It is also accelerating the adoption of Fourth Industrial Revolution technologies in the industrial sector under the UAE Industry 4.0 programme.
In 2022, it supported 175 factories in developing a road map for their technological transformations, bringing the total number to 275 factories.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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