DED says June 30 last date to make use of discounted fines on business establishments

Dubai, 9 June 2012: The Department of Economic Development (DED) in Dubai has reminded businesses and companies in Dubai that 30th of June 2012 will be the last date to make use of the reductions on fines, granted under a decree by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.

According to the decree, fines payable from January 1, 2012, until February 29, 2012, are to be reduced by 40 per cent. A 30 per cent reduction will be applicable to fines payable between March 1, 2012, and April 30, 2012 while fines payable between May 1, 2012, and June 29, 2012 will be reduced by 20 per cent.

The decree underlines Sheikh Mohammed's continuous support to businesses and companies in Dubai, and to finding out the actual number of active establishments, which would help in the preparation of essential data and studies on economic activities and licenses.

"The first months after the decree saw overwhelming response from the owners of commercial licenses and at least 3,050 fines being paid. Businesses are taking advantage of this opportunity as it facilitates fee payment and provides them additional funds. The fines can be paid in a number of outlets including the main building of DED in the Business Village and its branch offices in Dubai, Central Post Office and various local and international banks across the UAE," said Mohammad Al Shehhi, Director of Finance Division at DED .

Al Shehhi added: "We expect a 25 per cent increase in fine payments during the last few days up to June 30. Businessmen and owners of business licenses in Dubai should come forward to pay the fines and make use of the 20 per cent reduction as applicable now."

About Department of Economic Development ( DED ):The Department of Economic Development (DED) is the government body entrusted to set and drive the economic agenda of the emirate of Dubai, UAE. DED supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth.

DED and its agencies develop economic plans and policies, identify and support the growth of strategic sectors, and provide services to domestic and international investors and businesses.