Business leaders of some of the biggest Dubai-based companies have requested customs duties should be cut by 50 percent until year-end, while electricity, water, and service bills should also be cut 50 percent.

Leaders have also proposed a reduction in VAT - to 2 percent from 5 percent. Or if that’s not possible, to postpone all VAT payments until the end of this year.

Since the company's profit has been hit hard by the widespread coronavirus, eliminating the taxes would improve liquidity situation of companies, these business heads said in a request made to Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai’s Supreme Fiscal Committee.

Family-owned business heads also proposed elimination or reduction of fees for issuance and renewal of commercial licenses until year-end. Plus, they want a freeze on the implementation of a 2.5 percent market fee on all establishments operating in Dubai, also through the rest of the year.

The businesses also want cancellation of all local and federal government fines and violations.

Dubai should consider setting up an economic council to include leading businessmen as well to draft a recovery plan for the economy.