President Sheikh Mohamed on Tuesday met Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, at Al Bahr Palace in Abu Dhabi. The meeting was also attended by Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court.
The UAE leaders discussed the country’s core development plans and goals, state news agency Wam reported. The meeting was also attended by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi.
It follows a UAE Cabinet meeting on Monday, chaired by Sheikh Mohammed, in which leaders reviewed the latest developments in building the Emirates’ tax system with 520,000 companies now registered for corporate tax and 470,000 for value-added tax.
Sheikh Mohammed described the tax system as a “key part of our economic foundation for the future” and said its efficiency “reflects the strength“ of the UAE's competitive economy. He added that the UAE is fifth globally in tax policy efficiency and second globally in combating tax evasion, according to the annual report of the IMD World Institute in Switzerland.
The Cabinet also approved the launch of the first integrated regulatory intelligence system within the UAE government. This new legislation and laws development system was based on advanced artificial intelligence. It is hoped the system will accelerate the legislative process by up to 70 per cent, using AI tools to reduce the time and effort required for research, drafting, evaluation, and enactment.
