Innovation fee to fund Dubai Museum of the Future
Under the new law, selected Dubai government agencies will charge an innovation fee of $2.72 (AED10) on each transaction they carry out
A new law has been passed to support the development of the Museum of the Future, wherein selected Dubai government agencies will charge an innovation fee on each transaction they carry out.
On Saturday, 8 August, 2015, the UAE's Vice President and Prime Minister, and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum, issued the issued Decree number 27, appointing HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, as the Chairman of the Board of Trustees of the Museum of the Future.
The HH Sheikh Mohammed also issued law number 20 for year 2015, pertaining to a dirham fee for innovation.
According to this law, a number of government agencies will charge – on each transaction they carry out – an innovation fee worth $2.72 (AED10), the proceeds of which will be allocated for Dubai's Museum of the Future.
The law also set up a research institution named the Dubai Foundation for the Museum of Future, dedicated to overseeing the museum's development.
It enjoys corporate body status, financial and administrative autonomy, and the legal capacity necessary to discharge its duties, state agency WAM reported.
No details have been revealed concerning when the innovation fee will be introduced, or which government agencies will add it to their transaction charges.