Monday , April 23 2018
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UAE

UAE businesses need to pay taxes by April 29

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ABU DHABI: The Federal Tax Authority (FTA) on Sunday said that approximately 90,000 businesses registered for value added tax (VAT) are required to submit their tax returns and pay their taxes no later than April 29, 2018. Over 85,000 of these companies had their first quarterly tax period end in March, while the remaining businesses saw their monthly tax schedules ... Read More »

Uae to start construction of power plant in Yemen

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ABU DHABI: The Khalifa Bin Zayed Al Nahyan Foundation has announced the start of the construction of a power station in Aden Governorate, with a capacity of 120 megawatts and at an estimated cost of $100 million, as part of the UAE’s programmes to support Yemen’s electricity and energy sectors and provide for the governorate’s yearly needs. According to Gulf ... Read More »

UAE vendors hope for tax relief on gold following drop in sales

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ABU DHABI:  UAE by almost 50 percent jewelry vendors are hoping for a tax relief on the precious metal The previously tax-free country introduced a five percent value added tax in January, and markets like the gold jewelry market took a hit with sales decreasing by 30-50 percent in the first quarter of 2018. According to the Khaleej Times, trade ... Read More »

VAT relief for gold on cards in UAE

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ABU DHABI:  UAE’s gold jewellery trade hopes for a surprise in the form of a tax relief to boost sales that have gone into a dismal tailspin following the introduction of value added tax (VAT) in January. The trade is waiting for a favourable action from the federal authorities on exempting the value of gold from five per cent VAT. ... Read More »

UAE economy to grow 3% in 2019

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ABU DHABI: International Monetary Fund (IMF) has revised down real GDP growth forecast for the UAE to 2 per cent for 2018 and 3 per cent for the next year. In October 2017, IMF had predicted 3.4 per cent growth for the UAE for 2018. According to the Ministry of Economy estimates, GDP will grow by 3.9 per cent this ... Read More »

UAE tops Arab countries in export rankings

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ABU DHABI: World Trade Organization (WTO), also pointed out that the UAE ranked 21stglobally and first in the Arab world, in export of services as well as 17th in the world and first in the Arab world, in the import of services. According to WTO estimates, the UAE achieved merchandise exports grew by 20.4 per cent in 2017, as against a global ... Read More »

UAE tax authority starts roadshow to connect with businesses

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ABU DHABI: The Authority explained that the new initiative, which went into effect as of early last week and will run until 24 April 2018, is organised in collaboration with economic departments and some municipalities across all seven emirates. The roadshow will see a team of FTA tax experts and analysts, as well as representatives from the Tax Registration Department, ... Read More »

UAE banks could raise fees to offset VAT costs

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ABU DHABI:  UAE banking sector comes to terms with new regulations and the implications of VAT, KPMG’s annual UAE banking perspectives report reveals how technological innovation and strong corporate governance will enable banks to transform into robust financial institutions.  The report said some banks are even exploring automated decision-making based on sentiment analysis by extracting data from millions of emails ... Read More »

UAE authority issues stern warning to tax dodgers

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ABU DHABI: Tax Authority launched a scathing attack on businesses that had failed to register, whilst noting that it was pleased by compliance levels seen in tax returns. As the authority enters its busiest month yet, with an estimated 80,000 firms preparing to file their taxes, Khalid Al Bustani, the authority’s director general, told the media that he would not ... Read More »

UAE most diversified economy in region

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ABU DHABI: UAE remains the most diversified economy in the region and introduction of value added tax (VAT) is a step in right direction, said David Mann, global chief economist of Standard Chartered Bank, in Dubai on Monday at the launch of its global focus report. The report further states that growth in the region is likely to pick up ... Read More »

VAT blamed for UAE’s slump in demand for gold jewellery

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ABU DHABI: Demand for gold jewellery in the United Arab Emirates plummeted in the first quarter, and traders say they know the culprit: the value-added tax. Wholesale gold jewellery sales in Dubai, sometimes known as the City of Gold, fell 50 to 60 percent in the first quarter from a year earlier after VAT began on Jan. 1, according to ... Read More »

UAE adopts AI to boost Infrastructure developments

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ABU DHABI: Abdullah Belhaif AlNuaimi, Minister of Infrastructure Development, along with His Excellency Omar Bin Sultan Al Olama, Minister of State for Artificial Intelligence, explored the ministry’s application of Artificial Intelligence technology in the federal roads projects during their field tour to the Kalba Ring Road development project, which will contribute to a reduction of 54 percent in project duration, ... Read More »

Non-oil sectors to drive UAE growth

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ABU DHABI: The UAE’s high-performing non-oil sectors are expected to drum up growth with the country’s private consumption likely to remain among the main drivers of growth in 2018, said a global credit insurer. The private sector growth will be driven by household consumption and higher international tourism. The country’s domestic appliances, metals and pharmaceutical sectors will be the fastest-growing ... Read More »

UAE among 20 least complex tax jurisdictions in world

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ABU DHABI: The UAE is among the 20 least complex jurisdictions in the world for accounting and tax compliance, new data revealed on Wednesday. The UAE came in at 74th, indicating an increase in complexity since its 2017 inaugural ranking of 92, according to TMF Group’s Financial Complexity Index 2018. The UAE’s rise in complexity this year is largely driven ... Read More »

UAE shares react to weak first quarter report on non-oil sector

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ABU DHABI: Shares traded on markets in Dubai and Abu Dhabi on Tuesday ended uneven following bank Emirates NBD’s release of the Purchasing Managers Index (PMI) for March, pointing at a 10-month low of activity in the non-oil private sector. The Dubai Financial Market General Index (DFMGI) failed to sustain its rebound it performed at the beginning of the week ... Read More »

UAE private sector growth continues slowing after tax imposed

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ABU DHABI: Growth in the United Arab Emirates’ non-oil private sector slowed to a 10-month low in March, dropping for a third month after the introduction of a 5 percent value-added tax at the start of the year, a survey showed on Tuesday. The seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index, which covers manufacturing and services, fell to 54.8 ... Read More »

UAE goes Dutch to ensure their food security

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ABU DHABI: In the coming 50 years the world will have to produce and sell as much food as it did in the past 4,000, a food security expert says. “It’s a challenging time at the moment because when we look ahead, the world will change considerably,” said Dr Aalt Dijkhuizen, president of Topsector Agri and Food in the Netherlands. ... Read More »

UAE developer reveals major branding shake-up

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ABU DHABI: UAE-based Al Hamra, Ras Al Khaimah’s largest real estate developer and investment company, has announced plans to bring all subsidiaries under one umbrella in a major branding shake-up.Entities including the Al Hamra Golf Club, Al Hamra Marina & Yacht Club, Al Hamra Mall, Manar Mall, Al Hamra Village and Al Hamra Real Estate Development will all come under ... Read More »

UAE Fruits And Vegetables Market of 18.27% by 2023

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ABU DHABI: Fruits And Vegetables including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Fruits And Vegetables investments from 2018 till 2023.Among all the GCC countries, UAE spends the most on food products, after Saudi Arabia. The ... Read More »

61.6 tonnes of drugs seized in UAE last year

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ABU DHABI: : UAE’s drug control agencies seized around 61.6 tonnes of narcotic drugs and psychotropic substances in 2017, said a senior official on Wednesday. Lieutenant-General Dhahi Khalfan Tamim, Deputy Chief of Police and Public Security in Dubai and Chairman of the Anti-Narcotics Council, said that 94 per cent of the seizures were the result of efforts of the police ... Read More »