Sharjah Chamber of Commerce and Industry’s board of directors praised the step taken by the wise leadership of the UAE to exempt investors and suppliers from the gold and diamond sector from any taxes on their business transactions and commended the government's efforts and initiatives that support this sector’s diverse fields, thereby ensuring the UAE’s business communities’ competitiveness at various global economic indicators.
The Board of Directors commended the Government's rapid action to assure investors and facilitate and streamline their work according to international best practices, as this decision will have immediate implications for the gold and diamond sector in one of the leading countries in the global trade movement of gold and diamonds.
The Board of Directors pointed out that this decision comes to confirm that the private sector is a fundamental component of the economic system of the UAE and reflects the ongoing integration, cooperation and coordination between the private sector and the wise leadership that have demonstrated the depth of its vision and prospecting of the future through mitigating all obstacles and issuing legislation that stimulates economic growth.
HE Abdullah Al Oweis, Chairman, said that exempting investors and suppliers from the gold and diamonds sector from any taxes on their business transactions is a wise decision by our leadership that takes care of its business community and pointed to the positive impact of this decision in ensuring the UAE’s status as a global trading hub for gold and diamonds, enhancing the competitiveness of the gold and diamond trade and the UAE as a global destination for business, and highlighting the strategic partnership between the public and private sectors for economic growth that sets the UAE apart as a major player in the global economic system and an example to be emulated in the ease of doing business.
HE the Chairman explained that the decision will contribute to the revitalization of the gold and diamond market and will give the economy a strong boost despite the global challenges and provide an additional incentive for investors in this vital sector to enhance their investments and expand their trade and activities. Chairman Al Oweis concluded by saying that we’re confident that our wise leadership shall provide all the means of success and excellence for investors to move their businesses to higher standards without limit.