Ras Al Khaimah will be reducing trade licence renewal fees of certain businesses that were hit hard by movement restriction measures introduced by the government to contain the spread of the coronavirus pandemic.
Trade licence renewal fees on certain commercial activities will be reduced by up to 50 per cent, according to new decree issued by Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah. Penalties incurred by certain businesses during the movement restrictions will also be waived.
The new directives will “ensure business continuity in vital economic sectors and ease the burden brought about by the novel coronavirus situation, while ensuring Ras Al Khaimah’s economy continues to record significant performance and competitiveness scores across all fields,” a statement issued by Ras Al Khaimah's government said.
Nurseries in the emirate will receive a 50 per cent discount on their annual trade licence renewal fees, while establishments that closed to allow their facilities to be used for quarantine purposes will get a 25 per cent reduction on their fees.
Facilities located at Ras Al Khaimah International Airport will also benefit from the new government measures with a 50 per cent reduction of their licence renewal fees.
“These exemptions will be in place for a year, in addition to full exemptions being granted from penalties for violations incurred during the [movement restrictions],” the statement said.
The pandemic has disrupted global trade and tipped the world economy into the deepest recession since the Great Depression. The International Monetary Fund is projecting a 4.9 per cent contraction this year and a sluggish recovery in 2021.
The UAE was the first in the Mena region to introduce economic stimulus measures, including zero interest funding to banks to boost lending growth. It also unveiled other initiatives such as discounted utility bills and fee waivers.
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