Ras Al Khaimah has given an exemption for certain commercial activities that affect by lockdown and other precautionary measures by giving a good reduction in the trade license renewal fees. They will also get full exemption from fines to incur during the lockdown.
The new directives have taken measures to ensure the continuity of business in all the economic sectors and ease the burden on business. This ensures Ras Al Khaimah’s economy “continues to record significant performance,” according to a statement.
Nurseries will get a 50 percent exemption from their annual trade license fees. In addition, establishments that close to allow their facilities to be used for quarantine purposes will benefit from a 25 percent exemption. While facilities located at Ras Al Khaimah International Airport had no alternative locations. To divert operations will benefit from a 50 percent exemption on license renewal.
These exemptions will be in place for a year. In addition to full exemptions being granted from penalties for violations to incur during the lockdown.
The pandemic has disturbed global trade and tipped the world economy into the deepest recession since the Great Depression. The International fund is projecting a 4.9 percent contraction this year and a sluggish recovery in 2021.
The UAE was the primary within the Mena region to introduce economic stimulus measures, including zero-interest funding to banks to spice up lending growth. It also unveiled other initiatives like discounted utility bills and fee waivers.
Source: Gulf News
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