Dubai corporate fines cut 40%
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of theUAE, in his capacity as the Ruler of Dubai, has issued a decree on the value of fines imposed on the economic establishments in the Emirate of Dubai.
The Decree No. 1/Year 2012 stipulates to reduce the amount of the fines in accordance with the rates and periods specified in the table annexed with it. The violations existed prior to the issue of the decree on 5th January 2012 only will be eligible for reductions.
According to the table, 40 per cent of the amount will be waived on fines payable from the date 1/1/2012 until 29/2/2012.
A total of 30 per cent will be reduced from fines payable between the dates 1/3/2012 and 30/4/2012 and 20 per cent from fines payable between 1/5/2012 and 29/6/2012.
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