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One percent fee collection waived on security deposits in Abu Dhabi

The Abu Dhabi Executive Council has issued a resolution to waive the one percent fee collection when refunding the security deposit paid for the value of temporarily imported goods, reducing operating costs for companies in and trading with the UAE.

In line with the Government’s strategic plan to strengthen Abu Dhabi’s position as a leading regional and international hub for commerce and industry, the new resolution aims to facilitate cross-border trade and enhance the ease and efficiency of doing business in the Emirate.

The fee was previously levied when refunding security deposits paid for re-exporting goods that have been imported to the UAE on a temporary basis, such as imports for exhibitions and projects, or goods brought in for manufacturing or repair.

Waiving the fee will promote re-exporting in Abu Dhabi and will further contribute to the Emirate’s economic development and diversification.

As a result of this resolution, moving forward only the AED50 fee stipulated by the UAE Cabinet re-exports will be applied irrespective of the value of the goods.

Source: WAM

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