New Federal Decree-Law for arts sphere

The new federal decree-law regulates artis non-profit institutions, expands opportunities in the arts sector and provides incentives to support arts and cultural initiatives.

According to the law, natural or legal persons located in the UAE or abroad may establish and organize private museums, art exhibitions, theatrical shows or performances with the approval of the competent authorities. 

The following incentives are provided for arts institutions and their initiatives:

- the opportunity to accept grants, donations, bequests, gifts, sponsorships and waqf (in the Muslim law, waqf means property given by the state or an individual for religious or charitable purposes);
- the right to corporate tax exemption;
- the right to temporary customs exemptions during exhibitions.  

Licensing procedures have also been simplified for arts institutions. Now, they are handled by local authorities or the Ministry of Culture.

UAE - 28 November 2024
Original article: Wam